Fisker loses potential Nissan deal, putting rescue funds at risk | TechCrunch

Fisker’s negotiations with a major automaker — report Becoming Nissan – A potential investment and collaboration has been terminated, a development that puts separate near-term rescue funding efforts in jeopardy.

Fisker revealed during a regulatory meeting Monday morning Archive The automaker terminated negotiations on March 22. It doesn’t explain why.But the company must continue negotiations as a condition of closing on a potential $150 million convertible note announced last weekFisker said in the filing that it will require unnamed investors to waive closing conditions. After the market opened, the startup’s share price plummeted 28% and stopped trading.

It’s the latest in a series of ominous signs for the struggling electric vehicle startup.Fisker has struggled to sell its Ocean SUV in its early days, missing its own internal sales targets because TechCrunch reported in January, forcing it to abandon the direct sales model. Some of the cars that have been delivered have been affected by a number of quality issues, which Fisker has struggled to resolve at times, According to internal documents.

In February, Fisker laid off 15% of its workforce, or about 200 people, and last week reported having just $121 million in the bank. Production has been suspended And it warned investors that the company would not survive the year without a fresh infusion of cash.Fisker has been in talks with other automakers, including Mazdabut recently only Nissan remained on the negotiating table.

Fisker said Monday morning it was evaluating other “strategic alternatives” for a potential partnership with Nissan, including “in-court or out-of-court restructuring, capital markets transactions (subject to market conditions), buybacks, redemptions, exchanges or other repurchases.” Financing”. its existing indebtedness, potential issuance of equity securities, potential sales of assets and businesses and/or other strategic transactions and/or other measures. “

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