NYSE Halts Fisker Trading

The New York Stock Exchange said Monday it will immediately suspend trading shares of EV startup Fisker and is moving to take the company off of its stock exchange. The exchange said Monday that Fisker’s stock is “no longer suitable for listing” because of “abnormally low” price levels. The decision comes a month after Fisker was warned by the NYSE that its stock price had spent 30 days trading below $1, putting it out of compliance with the exchange’s rules. The suspension caps a tumultuous day for Fisker, which saw shares fall more than 28% before trading was halted. The suspension comes just hours after Fisker announced it lost a potential deal with a large automaker, reported to be Nissan — a development that has also endangered a recently-announced attempt at securing emergency funding.

The New York Stock Exchange (NYSE) has taken a drastic step to suspend trading of Electric Vehicle (EV) startup Fisker and delist the company from its stock exchange.

According to the NYSE, Fisker’s stock is no longer suitable for listing due to its abnormally low price levels – a decision made official on Monday. This comes a month after the company was warned by the exchange for trading below the $1 mark for 30 consecutive days, violating its regulations.

The latest blow for Fisker comes in the form of a 28% drop in shares and a trading halt, adding to a day full of turmoil for the company.

The NYSE suspension coincides with Fisker’s failed potential deal with a major automaker, rumored to be Nissan, which has also put their recent attempt to secure emergency funding in jeopardy.

It is worth noting that Fisker has the option to review NYSE’s decision, although a company representative has refused to comment on the news at this time.