Fisker Confirms No Bank Guarantee With Magna and Owns Intellectual Property for the Fisker Ocean EV Platform

Rhea-AI Summary

Fisker Inc. (NYSE: FSR) has issued a cease-and-desist letter to Fuzzy Panda Research in response to false claims regarding its business operations and partnership with Magna. Fisker clarified that it does not have a bank guarantee with Magna and owns the intellectual property for the Fisker Ocean platform. The company aims to take immediate action against the misleading allegations presented by Fuzzy Panda Research. Fisker is committed to developing eco-friendly vehicles and becoming the top e-mobility service provider.

Positive

• Fisker clarifies ownership of the Fisker Ocean platform's intellectual property.
• Intends to take aggressive action to counter false claims by Fuzzy Panda Research.

Negative

• Allegations by Fuzzy Panda Research could impact investor confidence.

LOS ANGELES--(BUSINESS WIRE)-- Fisker Inc. (NYSE: FSR) ("Fisker") has responded to a report published by Fuzzy Panda Research. On Dec. 1, 2022, Fisker issued a cease-and-desist letter to the firm, which announced a short position in Fisker stock at the same time it released a purported assessment containing numerous false and misleading allegations about Fisker’s business operations and its relationship with manufacturing partner Magna.

Fisker said: “Fisker Inc. does not have a bank guarantee with Magna, and Fisker owns the intellectual property for the Fisker Ocean platform. The Ocean platform does not have 80 percent carryover parts from any other platform.”

Fisker intends to take immediate and aggressive action to address the false and misleading claims made by Fuzzy Panda Research.

About Fisker Inc.

California-based Fisker Inc. is revolutionizing the automotive industry by developing the most emotionally desirable and eco-friendly electric vehicles on Earth. Passionately driven by a vision of a clean future for all, the company is on a mission to become the No. 1 e-mobility service provider with the world's most sustainable vehicles. To learn more, visit www.FiskerInc.com – and enjoy exclusive content across Fisker's social media channels: Facebook, Instagram, Twitter, YouTube and LinkedIn.

Download the revolutionary new Fisker mobile app from the App Store or Google Play store.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221201005991/en/

US Media:

Fisker@GODRIVEN360.com

European Media:

Press.europe@fiskerinc.com

Fisker Inc. Communications:

Matthew DeBord

Sr. Director, Communications Strategy & Storytelling

mdebord@fiskerinc.com

Rebecca Lindland

Director, Communications

rlindland@fiskerinc.com

Investor Relations:

Frank Boroch, VP of Investor Relations

fboroch@fiskerinc.com

Source: Fisker Inc.

FAQ

What is the response of Fisker to the claims made by Fuzzy Panda Research regarding FSR stock?

Fisker issued a cease-and-desist letter to Fuzzy Panda Research, denying the false claims and emphasizing its ownership of the Fisker Ocean platform.

Did Fisker Inc. have a bank guarantee with Magna?

No, Fisker stated it does not have a bank guarantee with Magna.

What actions is Fisker taking against Fuzzy Panda Research?

Fisker intends to take immediate and aggressive action to address the false claims made by Fuzzy Panda Research.

What are the implications of Fuzzy Panda Research's report on Fisker?

The allegations could potentially impact investor confidence in Fisker and its operations.