Fisker’s talks with a large automaker for a potential deal have collapsed, according to recent documents filed to the Security Exchange Commission (SEC).
In its filing, the firm said: “We do not currently have sufficient cash reserves or financing sources sufficient to satisfy all amounts due under the 2026 Notes or the 2025 Notes, and as a result, such events could have a material adverse effect on our business, results of operations and financial condition.”
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Earlier in March, Nissan was reported to be in advanced talks to invest in Fisker in a deal which could provide the Japanese automaker with access to an electric pickup truck in return for giving the struggling startup a financial lifeline and another contract assembler. Nissan has not said anything officially about the status of any talks with Fisker.
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At the start of this week, the New York Stock Exchange notified Fisker that it had decided to delist its stock due to “abnormally low” trading prices.
The apparent collapse of deal talks follows news that the company was preparing for a potential bankruptcy filing earlier this month and the announcement it had suspended vehicle production.
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By GlobalDataIt had also missed a $8.4 million interest payment and was seeking to raise funds through a $150 million financing commitment from an existing investor.
The termination of deal talks means Fisker is unable to meet a closing condition related to that financing commitment.
It says it intends to talk with the investor to waive these conditions or discuss financing under different terms.
Fisker said: “These alternatives involve significant uncertainties, and there can be no assurance that any of these discussions will be successful or that any funds will be available to the Company under the Commitment.”
