Tuesday Ticker: Fisker files for bankruptcy; Polestar chair steps down amid operational challenges

Toronto, Ontario — In this weekly Tuesday Ticker, electric vehicles continue to lose charge as Fisker officially files for bankruptcy and Polestar announces its chairman will be stepping down amidst operational challenges.

Polestar pairings

Polestar’s chairman, Håkan Samuelsson has announced plans to step down as part of a larger board shuffle within the company.

Samuelsson, the former executive officer of Volvo Car, will be replaced as board chair by Winfried Vahland, Polestar said in an announcement on Tuesday.

These changes come in the midst of ‘operational challenges.’ Notably, last month, Nasdaq warned the company that it could be delisted after management failed to file a 2023 annual report on time with the United States securities regulator.

As of 9:32 a.m. on June 24th, Polestar’s stock traded at US$0.12, down 9.81 percent year-over-year.

Fisker files

On June 19th, Fisker officially filed for a Chapter 11 bankruptcy in a Delaware court.

The company has reportedly been facing financial difficulties since August 2023 with the company outlining in a statement that “we have faced various market and macroeconomic headwinds that have impacted our ability to operate efficiently.”

Fisker further added in its official statement that a sale of assets is the only viable option ahead for the brand.

As of 9:32 a.m. on June 24th, Fisker’s stock traded at US$10.41, up 48 percent year-over-year despite ongoing financial difficulties.



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