Fisker stock collapses as it enters Chapter 11 bankruptcy

Fisker Inc’s (OTC:FSRN) shares collapsed on Tuesday, falling around 55%, after it filed for Chapter 11 bankruptcy, following failed attempts to secure a rescue deal with a large automobile manufacturer.

At 2 cents per share, Fisker is down close to 99% for 2024 to date.

It comes after a series of financial struggles and what market analysts see as strategic missteps.

Back in February, Fisker gave the market a "going concern" warning, citing issues with cash burn.

That triggered the halting production of Fisker’s Ocean electric vehicle, and it also mothballed the development of its hatchback, Pear, in March.