Electric vehicle maker Fisker Inc. (OTC: ) announced Monday that it has missed a deadline to file its quarterly report for the quarter ending March 31, 2024. major flaws.
The issues, first reported in the company’s report for the fiscal year ending Dec. 31, 2023, highlighted shortcomings in the design and maintenance of its control environment.
The delay follows recent developments, including a notice from PricewaterhouseCoopers (PwC) on May 7, 2024, that it will not seek reappointment as Fisker’s independent auditor for fiscal 2024 . The Company is currently in the process of selecting a new auditor in accordance with the requirements of the audit committee and applicable regulations.
Fisker also revealed that it is exploring strategic alternatives, which could include filing for bankruptcy protection in multiple jurisdictions. Previously, the company’s Austrian subsidiary Fisker GmbH voluntarily entered reorganization procedures under Austrian bankruptcy law on May 7, 2024.
The company has not yet provided an estimated time frame for when it will be able to file the delayed Form 10-Q report. Management said it could not guarantee the outcome of its strategic review, the completion of any business arrangements or transactions, or the ability to raise sufficient capital to meet its needs. If the Company fails to obtain the necessary capital, it may have to further reduce its operations or seek bankruptcy protection under applicable law.
The announcement raised concerns about Fisker’s financial health and future prospects. The company’s stock performance and investor sentiment may be affected by this uncertainty and potential changes in its operating structure.
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