Fisker removed from NY Stock Stock Exchange, latest bad sign for financially troubled EV startup

The New York Stock Exchange (NYSE) said Monday electric vehicle-startup Fisker would be delisted as a result of its “abnormally low” price levels.

Markets Insider reported the exchange typically delists stocks that go below $1 per share for more than a month. The  company’s stock fell by 9% to a record low of less than 9 cents per share before trading was halted.

In 2023, Fisker produced 10,142 units of its Ocean EV, of which only 4,700 were delivered, according to Market Insider.

Fisker reported in February losing $762 million  in 2023 on $273 million in sales, with more than $1 billion debt. The company said it was pausing production as its future remained uncertain.

“We are aware that the industry has entered a turbulent, and unpredictable period. With that understanding and taking the lessons learned from 2023,” the company stated in its fourth quarter 2023 earnings statement.