BREAKING: Trading Halted As Fisker Stock Freefalls After Nissan Deal Implodes

The negotiations between Fisker and a large automaker — reported to be Nissan — over a potential investment and collaboration have been terminated, a development that puts a separate near-term rescue funding effort in danger.

 

Fisker revealed in a Monday morning regulatory filing that the automaker terminated the negotiations March 22. It did not explain why. But the company had to keep the negotiations going as part of one of the closing conditions for a potential $150 million convertible note announced last week. Fisker said in the filing that it will ask the unnamed investor to waive the closing condition.

 

The startup’s stock plunged 28% after the stock market opened, halting trading.