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Fisker’s stock bounces after investor agreement, but can it last this time?

January 22, 2024
in General
Fisker’s stock bounces after investor agreement, but can it last this time?
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Shares of Fisker Inc. bounced Monday after the troubled electric-vehicle maker disclosed an agreement with an institutional investor that will free up cash to run the company.

“I am pleased that we were able to reach an agreement with one of our investors that will provide increased flexibility and better position us to execute on potential strategic business deals,” said Chief Executive Henrik Fisker.

The stock
FSR,
-2.69%
rose 1.4% in premarket trading, which puts it on track to snap a seven-session losing streak. That streak was the longest since the 10-day losing streak that ended Jan. 27, 2022.

Read: Fisker loses its biggest bull as EV maker’s stock breaks the buck.

The stock has also suffered a 13-session non-win streak, as the only day it didn’t decline this year was Jan. 9, when it closed unchanged.

But over the past 13 sessions, the stock traded higher on an intraday basis nine times (it traded as high as unchanged once), meaning buying interest was strong on most days only to fade away by the close.

Also read: Stop selling Fisker’s stock as ‘easy profits’ for shorts have been made — CFRA.

Fisker disclosed Monday in an 8-K filing with the U.S. Securities and Exchange Commission that an unnamed institutional investor who holds its outstanding 0% senior secured convertible debt due 2025 has entered into an amendment and waiver agreement.

Among parts of the agreement, all financial covenants related to Fisker’s cash reserves were waived, which makes the company’s unrestricted cash available for use.

The agreement also includes a waiver of any remaining remedies resulting from Fisker’s previous late filing of its 10-Q audited report of results for the quarter ended Sept. 30.

“Among other matters set forth in the filing, Fisker and the investor agreed that upon a definitive agreement with a strategic OEM [original equipment manufacturer] partner, any liens on intellectual property would be released, further enabling the company to pursue strategic collaborations,” Fisker said in a statement. “Additionally, the amended agreement waives all financial covenants with respect restricted cash used for operations.”

Fisker’s stock has tumbled 54.9% year to date through Friday and has plunged 85.5% over the past three months. In comparison, the Global X Autonomous & Electric Vehicle ETF
DRIV
has gained 6.1% the past three months and the S&P 500 index
SPX
has rallied 14.6%.

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : MarketWatch – https://www.marketwatch.com/story/fiskers-stock-bounces-after-investor-agreement-but-can-it-last-this-time-d3887011?mod=mw_rss_topstories

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