Fisker Inc. has received an official delisting notice from the New York Stock Exchange, the result of its share price having remained below $1 a share for a consecutive 30-day period. The company has 10 days from the Feb. 16 notice date to notify the exchange of its intention to regain compliance, which it must achieve within a six-month “cure” period.
“The NYSE notice has no immediate impact on the listing of the company’s common stock, which will continue to be listed and traded on the NYSE during such cure period, subject to the company’s compliance with other NYSE continued listing standards,” according to a release from Fisker.
The company declined a request for further comment about the delisting. Fisker shares closed at 56 cents on Feb. 21.
A new dealer paradigm
As it deals with its share-price issue, the Manhattan Beach-based electric vehicle manufacturer has signed four new dealer partners in the United States as it undertakes a strategic shift in its business model.
Dealers joining the new Fisker program are the Mills Automotive Group, Ourisman Fisker, Classic Fisker and Long Island Fisker.
Collectively, these dealers will sell vehicles in North Carolina, South Carolina, Georgia, Maryland, New York and New Jersey at seven locations.
Henrik Fisker, chief executive of the company, said that he was excited to have the four dealers join the partnership program, which launched a month ago and was announced on Feb. 16.
“The dealer partners we have signed up so far share a commitment to the future of electric vehicles and to their communities, many of which they have served for multiple generations,” Fisker said in a statement.
On Jan. 4, Fisker announced that it would engage in a strategic shift from direct sales to customers in North America to a dealer-partnership model.
The dealer-partnership model combines the goal of offering its customers no-haggle pricing on Fisker vehicles while providing its dealer partners with larger market territories so they can maintain pricing without concern for local competition, the company said.
The transition to dealer partners aligns with Fisker’s asset-light business model, which enables the company to significantly scale for Fisker Ocean deliveries and higher volume production of additional future models, the carmaker added.
Mills Automotive signed up to be Fisker’s first dealer partner in the United States at the company’s inaugural dealer open house on Jan. 31 and will open Fisker dealerships in Charlotte and Raleigh, North Carolina, and Greenville, South Carolina.
Ourisman Fisker and Classic Fisker both signed deals with Fisker at the National Automobile Dealers Association Show in Las Vegas earlier this month, and Long Island Fisker signed the week of Feb. 16.
Ourisman Fisker, part of a fourth-generation dealership group, will be located in Rockville, Maryland. Classic Fisker will open a location in Atlanta, while Long Island Fisker plans to operate a dealership in that region of New York state and another one in New Jersey.
“I believe our customers will find that each of these dealer partners plan to provide top-level service and ongoing relationship building for owners of the Fisker Ocean SUV,” Fisker said in his statement.
Fisker has received interest from more than 250 dealers in North America and the rest of the world since announcing its strategic shift. In Europe, the company will sell to its customers through a hybrid model of both direct to consumer and a dealer network.
The dealer-partnership model is proving attractive to dealers, as they are gaining access to an electric vehicle brand with a unique business approach, Fisker said. Fisker is currently delivering the all-electric Ocean SUV, which starts at $38,999, in the U.S., Canada and Europe. In the U.S., the Ocean has an EPA range of up to 360 miles, which is the longest range of any new electric SUV in its class, Fisker said.
