Fisker served with NYSE noncompliance notice

EV pure play has been trading as penny stock for over a month

Fisker served with NYSE noncompliance notice
Fisker is trading at under $1/share

California EV start-up Fisker has received a noncompliance notice from the New York Stock Exchange (NYSE) because its stock has been valued at less than $1 over a thirty day period.

The NYSE notice has no immediate impact on Fisker's business operations and its stock will continue to be listed and traded on the NYSE for now.

But Fisker now has six months to regain compliance by improving its share value, otherwise it will face the initiation of a de-listing process.

Amid its ongoing delivery struggles and sluggish production ramp, Fisker may struggle to improve its share price and be forced to consolidate its stock into fewer shares, which could meet resistance from shareholders.

"The company intends to remain listed on the NYSE and is considering all available options to regain compliance with the NYSE’s continued listing standards, including, but not limited to, a reverse stock split, subject to stockholder approval no later than at the company’s next annual meeting of stockholders," Fisker says.
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Fisker's share price has dropped by nearly 90pc in the previous twelve months. In recent weeks it has adopted a mixed sales model, combining dealership partners with direct sales, to try to boost its delivery numbers.

The company signed four new dealership partnerships this week as part of that strategy, and says it has received interest from over 250 dealers in North America and the rest of the world.

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