Fisker Announces Receipt of Notice of Late Filing from NYSE

Rhea-AI Summary

Fisker Inc. (FSR) received a notice from the NYSE indicating non-compliance with Section 802.01E of the NYSE Listed Company Manual due to the delayed filing of its Quarterly Report on Form 10-Q for the quarter ended September 30, 2023 with the SEC. The NYSE granted the Company six months to file the Form 10-Q, with a possible extension of six additional months. Failure to comply may lead to delisting proceedings. Fisker filed a Notification of Late Filing on Form 12b-25, indicating the delay and is working diligently to ensure appropriate disclosures are made in the Form 10-Q, expecting to file it within the next few days.

Positive

• Fisker's dedication to completing its financial statements demonstrates a commitment to transparency and accuracy in reporting.
• The potential extension granted by the NYSE provides Fisker with additional time to meet compliance standards.
• The Company's proactive approach in filing a Notification of Late Filing indicates a responsible response to the delay.

Negative

• The possibility of delisting proceedings may create uncertainty among investors and affect the stock performance.

LOS ANGELES--(BUSINESS WIRE)-- Fisker Inc. (NYSE: FSR) ("Fisker"), driven by a mission to create the world's most emotional and sustainable electric vehicles, today announced that it received a notice from the New York Stock Exchange (the “NYSE”) on November 16, 2023 indicating that the Company is not in compliance with Section 802.01E of the NYSE Listed Company Manual as a result of its failure to timely file its Quarterly Report on Form 10-Q for the quarter ended September 30, 2023 (the “Form 10-Q”) with the Securities and Exchange Commission (the “SEC”).

The NYSE informed the Company that, under NYSE rules, the Company will have six months from November 14, 2023 to file the Form 10-Q with the SEC. The Company can regain compliance with the NYSE listing standards at any time prior to that date by filing its Form 10-Q. If the Company fails to file the Form 10-Q before the NYSE’s compliance deadline, the NYSE may grant, at its sole discretion, an extension of up to six additional months for the Company to regain compliance, depending on the specific circumstances. The notice from the NYSE also notes that the NYSE may nevertheless commence delisting proceedings at any time if it deems that the circumstances warrant.

On November 13, 2023, the Company filed a Notification of Late Filing on Form 12b-25 (the “Form 12b-25”), indicating that the filing of its Form 10-Q would be delayed. Although the Company has dedicated significant resources to the completion of finalizing its consolidated financial statements and related disclosures for inclusion in the Form 10-Q, the Company was unable to file the Form 10-Q prior to November 14, 2023, the extension period provided by the 12b-25. Additional time has been needed by the Company to complete its preparation of the financial statements included in the Form 10-Q. The Company is working diligently to ensure appropriate disclosures are made in the Form 10-Q and expects to file the Form 10-Q within the next few days.

About Fisker Inc.

California-based Fisker Inc. is revolutionizing the automotive industry by designing and developing individual mobility in alignment with nature. Passionately driven by a vision of a clean future for all, the company is on a mission to create the world’s most sustainable and emotional electric vehicle.

Forward-Looking Statements

This press release includes forward-looking statements, which are subject to the “safe harbor” provisions of the US Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as “feel,” “believes,” expects,” “estimates,” “projects,” “intends,” “should,” “is to be,” or the negative of such terms, or other comparable terminology and include, among other things, the closing and issuance of additional notes pursuant to the Securities Purchase Agreement, and other future events that involve risks and uncertainties. Such forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements contained herein due to many factors, including, but not limited to: Fisker’s limited operating history; Fisker’s ability to enter into additional manufacturing and other contracts with Magna or tier-one suppliers in order to execute on its business plan; the risk that OEM and supply partners do not meet agreed-upon timelines or experience capacity constraints; Fisker may experience significant delays in the design, manufacture, regulatory approval, launch and financing of its vehicles; Fisker’s ability to execute its business model, including market acceptance of its planned products and services; Fisker’s inability to retain key personnel and to hire additional personnel; competition in the electric vehicle market; Fisker’s inability to develop a sales distribution network; and the ability to protect its intellectual property rights; and those factors discussed in Fisker’s Annual Report on Form 10-K, under the heading “Risk Factors”, filed with the Securities and Exchange Commission (the “SEC”), as supplemented by Quarterly Reports on Form 10-Q, and other reports and documents Fisker files from time to time with the SEC. Any forward-looking statements speak only as of the date on which they are made, and Fisker undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231120387675/en/

European Media:

Press.europe@fiskerinc.com

US Media:

Fisker@GODRIVEN360.com

Customer service:

Support@fiskerinc.com

Fisker Inc. Communications:

Matthew DeBord

Sr Director, Communications Strategy & Storytelling

mdebord@fiskerinc.com

Franziska Queling

Regional Head of Public Relations Europe

fqueling@fiskerinc.com

Investor Relations:

Frank Boroch, VP of Investor Relations

fboroch@fiskerinc.com

Source: Fisker Inc.

FAQ

Why did Fisker receive a notice from the NYSE?

Fisker received a notice from the NYSE due to its failure to timely file its Quarterly Report on Form 10-Q for the quarter ended September 30, 2023 with the SEC.

What is the possible timeframe for Fisker to regain compliance with the NYSE listing standards?

Fisker has six months from November 14, 2023 to file the Form 10-Q with a potential extension of six additional months.

What action did Fisker take after the delay in filing the Form 10-Q?

Fisker filed a Notification of Late Filing on Form 12b-25, indicating the delay and is working diligently to ensure appropriate disclosures are made in the Form 10-Q, expecting to file it within the next few days.