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Fisker Inc.
Fisker Inc. was an American automotive company founded in 2016 by Danish automotive designer Henrik Fisker and his wife, Geeta Gupta-Fisker. Based in Manhattan Beach, California, Fisker Inc. was the successor to Fisker Automotive.
In the summer of 2020, Fisker Inc. announced an initial public offering on the New York Stock Exchange through a merger with Spartan Energy Acquisition Corp, a SPAC backed by private equity firm Apollo Global Management. The company completed the reverse merger that autumn. Fisker Inc. developed the Fisker Ocean, an electric sport utility vehicle (SUV), which was released in 2023.
In early 2024, the company experienced intense financial difficulties, and its shares were delisted from the NYSE. Fisker defaulted on a short-term loan according to filings with the United States Securities and Exchange Commission and stated there was "substantial doubt" about being able to sustain ongoing operations. It subsequently laid off most of its employees, closed its headquarters, and began substantially reducing the price on the Ocean. By June, it filed for Chapter 11 bankruptcy in US court. A judge's ruling allowed Fisker to postpone Chapter 7 Conversion while allowing the company to continue liquidating its assets. The company and its creditors arrived at a bankruptcy agreement in October of 2024.
In 2007, Henrik Fisker and Bernhard Koehler founded Fisker Automotive. The company produced the Fisker Karma, which debuted in 2008 and was first delivered in 2011. Production was suspended in 2012 due to the bankruptcy of its battery supplier A123 Systems, after approximately 2,000 of the vehicles had been sold worldwide. In 2014, Fisker Automotive's assets were purchased by Wanxiang Group, which renamed its new company Karma Automotive. Henrik Fisker retained the Fisker trademarks and brand.
On October 3, 2016, chairman and CEO Henrik Fisker announced the formation of Fisker Inc. with his wife and co-founder Geeta Gupta-Fisker as president and CFO. On July 8, 2020, Fisker announced the completion of a $50 million Series C financing round funded by Moore Strategic Ventures, the private investment arm of Louis Bacon.
On July 13, 2020, Henrik Fisker announced that Fisker Inc. would offer an initial public offering on the New York Stock Exchange through a merger with special-purpose acquisition company Spartan Energy Acquisition Corp. (NYSE:SPAQ), which is backed by private equity firm Apollo Global Management. The deal valued Fisker Inc. at $2.9 billion. On September 24, 2020, Fisker opened a new technology center in San Francisco, to be a focal point for the development of the company's software and vehicle electronics. On October 14, 2020, Fisker announced its new global headquarters will be located in Manhattan Beach in Los Angeles County, California. On October 29, 2020, Fisker announced it completed the reverse merger with Spartan Energy Acquisition Corp (NYSE:SPAQ). Between October 30, 2020, and April 22, 2024, Fisker was publicly listed and traded on the New York Stock Exchange under the ticker symbols FSR, FSRN, or FSRNQ.
On June 28, 2021, Fisker stock was added to the Russell 3000 Index. On July 28, 2021, Fisker announced it would invest $10 million in private investment in public equity funding in an EV charging company.
Henrik Fisker announced in 2022 that Fisker Inc. would set up its first India entity, a global technology center, in Hyderabad. The company started recruitment for the center and planned to employ 300 software engineers, and to set up a manufacturing plant in India for its PEAR model, in collaboration with Foxconn. Fisker Inc. and Foxconn initially targeted annual production at one million units of the PEAR, which was never constructed.
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Fisker Inc.
Fisker Inc. was an American automotive company founded in 2016 by Danish automotive designer Henrik Fisker and his wife, Geeta Gupta-Fisker. Based in Manhattan Beach, California, Fisker Inc. was the successor to Fisker Automotive.
In the summer of 2020, Fisker Inc. announced an initial public offering on the New York Stock Exchange through a merger with Spartan Energy Acquisition Corp, a SPAC backed by private equity firm Apollo Global Management. The company completed the reverse merger that autumn. Fisker Inc. developed the Fisker Ocean, an electric sport utility vehicle (SUV), which was released in 2023.
In early 2024, the company experienced intense financial difficulties, and its shares were delisted from the NYSE. Fisker defaulted on a short-term loan according to filings with the United States Securities and Exchange Commission and stated there was "substantial doubt" about being able to sustain ongoing operations. It subsequently laid off most of its employees, closed its headquarters, and began substantially reducing the price on the Ocean. By June, it filed for Chapter 11 bankruptcy in US court. A judge's ruling allowed Fisker to postpone Chapter 7 Conversion while allowing the company to continue liquidating its assets. The company and its creditors arrived at a bankruptcy agreement in October of 2024.
In 2007, Henrik Fisker and Bernhard Koehler founded Fisker Automotive. The company produced the Fisker Karma, which debuted in 2008 and was first delivered in 2011. Production was suspended in 2012 due to the bankruptcy of its battery supplier A123 Systems, after approximately 2,000 of the vehicles had been sold worldwide. In 2014, Fisker Automotive's assets were purchased by Wanxiang Group, which renamed its new company Karma Automotive. Henrik Fisker retained the Fisker trademarks and brand.
On October 3, 2016, chairman and CEO Henrik Fisker announced the formation of Fisker Inc. with his wife and co-founder Geeta Gupta-Fisker as president and CFO. On July 8, 2020, Fisker announced the completion of a $50 million Series C financing round funded by Moore Strategic Ventures, the private investment arm of Louis Bacon.
On July 13, 2020, Henrik Fisker announced that Fisker Inc. would offer an initial public offering on the New York Stock Exchange through a merger with special-purpose acquisition company Spartan Energy Acquisition Corp. (NYSE:SPAQ), which is backed by private equity firm Apollo Global Management. The deal valued Fisker Inc. at $2.9 billion. On September 24, 2020, Fisker opened a new technology center in San Francisco, to be a focal point for the development of the company's software and vehicle electronics. On October 14, 2020, Fisker announced its new global headquarters will be located in Manhattan Beach in Los Angeles County, California. On October 29, 2020, Fisker announced it completed the reverse merger with Spartan Energy Acquisition Corp (NYSE:SPAQ). Between October 30, 2020, and April 22, 2024, Fisker was publicly listed and traded on the New York Stock Exchange under the ticker symbols FSR, FSRN, or FSRNQ.
On June 28, 2021, Fisker stock was added to the Russell 3000 Index. On July 28, 2021, Fisker announced it would invest $10 million in private investment in public equity funding in an EV charging company.
Henrik Fisker announced in 2022 that Fisker Inc. would set up its first India entity, a global technology center, in Hyderabad. The company started recruitment for the center and planned to employ 300 software engineers, and to set up a manufacturing plant in India for its PEAR model, in collaboration with Foxconn. Fisker Inc. and Foxconn initially targeted annual production at one million units of the PEAR, which was never constructed.