Benzinga - by Anan Ashraf, Benzinga Editor.
Beleaguered EV maker Fisker Inc (OTCPK: FSRN) is expanding its dealer partner locations across the U.S. even as the company’s financial situation worsens as bankruptcy fears loom.
What Happened: Fisker on Thursday said it has added six new locations, including three dealer partner locations in California and three in Missouri, Guam, and Pennsylvania.
Lumin Fisker in Sacramento, LA Fisker in Los Angeles County, Fisker of Kansas City, NEPA Fisker of Forest City, West Covina Fisker in Los Angeles County, and Fisker Guam in Guam will be operational soon, the company said.
With the new additions, the company has signed agreements for twelve dealer partner locations and distributorships in the U.S. and its territories starting in January 2024 when it announced a shift to a dealer partnership model.
"We are excited to welcome our new dealer partners to the Fisker family and look forward to them opening for business. California is an exceptionally important market for us, and our team has been working hard to sign dealer partners in the state," a Fisker spokesperson said.
Why It Matters: Fisker in February warned it may not have enough funds to operate over the year. The company’s shares were delisted from the New York Stock Exchange the following month owing to low share prices. It has been grappling to both preserve and raise capital since and exploring strategic alternatives.
Last week, the company said that it expects to seek protection under bankruptcy laws within 30 days if unable to receive waivers from its debt holders or raise enough capital to settle its dues.
Currently, Fisker has a market capitalization of just $81.2 million, according to data from Benzinga Pro. Fisker CEO Henrik Fisker and his wife and company CFO Geeta Fisker have even put their Hollywood home on the market for $35 million.
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