Fisker Inc.'s restructuring officer John DiDonato said in a Tuesday morning filing that the couple, who cofounded the startup in 2016, made the decision July 8 — just five days after he was grilled about the issue by Lisa Richenderfer, a lawyer for the office of the U.S. Trustee. It's still not clear what the couple were being paid every other week as the company slid into bankruptcy. The company said in a regulatory filing last year that it paid them a minimum-wage salary in 2022, which at the time in Cali ...

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With the company's market capitalization at less than $25 million, it's clear some speculators may be willing to buy some shares as a call option on the brand surviving in some form or its assets potentially getting bought by some larger automaker. But without resolving the company's debt situation, Fisker does look to be a total loss for those who put capital into this automaker in the past. Fisker (OTCMKTS:FSRNQ) is a company investors may notice has a "Q" at the end of its ticker symbol. This means it is ...

To catch full episodes of all The Motley Fool's free podcasts, check out our podcast center. To get started investing, check out our quick-start guide to investing in stocks. A full transcript follows the video. Mary Long: The big dogs are big for a reason. You're listening to Motley Fool Money. I'm Mary Long, joined today by Asit Sharma. Asit, thank you for spending a part of your day with us on Motley Fool Money. Mary Long: Good part of the day for us, but not so much the case for some other companies. To ...

Last week, Fisker's (OTCMKTS:FSRN) operating subsidiary, Fisker Group, announced that it had filed for Chapter 11 bankruptcy protection, sending FSRN stock plummeting lower. The announcement wasn't all too surprising, as it followed a going concern warning, a delisting from the New York Stock Exchange and the botched debut of the Ocean electric vehicle (EV) laden with software issues and user complaints. The company had also tried to partner with a legacy automaker rumored to be Nissan (OTCMKTS:NSANY), to n ...

Investors have lost patience with EV companies. Electric vehicle (EV) stocks cratered this week after Fisker filed for bankruptcy. The troubled automaker never got off the ground after a promising vehicle was plagued by poor software. While a failure doesn't say much about the other operators in the industry, it doesn't bode well for the market's willingness to fund EV losses long-term. According to data provided by S&P Global Market Intelligence, EV makers Faraday Future Intelligent Electric (FFIE -2.58%) ...

At issue is the relationship between Fisker and its largest secured lender, Heights Capital Management, an affiliate of financial services company Susquehanna International Group. Heights loaned Fisker more than $500 million in 2023 (with the option to convert that debt to stock in the startup) at a time when the company's financial distress was looming behind the scenes. Alex Lees, a lawyer from the firm Milbank who represents a group of unsecured creditors owed more than $600 million, said in the proceedi ...

Fisker was facing "potential financial distress" as early as last August, according to a new filing in its Chapter 11 bankruptcy proceeding, which the EV startup initiated earlier this week. The admission provides a clearer picture of Fisker's troubles in 2023 as it struggled to ramp up deliveries of its flagship Ocean SUV, despite CEO Henrik Fisker's assurances to the public at the time. In August 2023, even as Fisker's financial health began to wane, the company held a "Product Vision Day" event to promot ...

Welcome back to TechCrunch Mobility — your central hub for news and insights on the future of transportation. Sign up here for free — just click TechCrunch Mobility! I'm back from holiday in Denmark and Germany, where I managed to try just about every kind of transportation, from bikes to scooters, to driving on the Autobahn and taking the train. I even took some ferries. It's safe to say Copenhagen's bike culture left me envious. The TechCrunch team was busy as ever thanks to the Tesla shareholder meeting, ...

Henrik Fisker once envisioned a burgeoning EV empire at the startup he named after himself, which was to be led by the Ocean SUV. But cracks started showing in that vision almost as soon as the Ocean hit the road in 2023. Fisker cut production targets multiple times, failed to meet sales goals and laid off staff. What's more, its Ocean SUV was beset with software and mechanical issues, rendering it inoperable for some. Add troublesome brakes, sudden power loss and doors that wouldn't open to the list of iss ...