©Reuters. The Fisker Automotive logo is pictured on a car at the 2022 Paris Auto Show in Paris, France, October 18, 2022. REUTERS/Stephane Mahe/File Photo
(Reuters) – Electric vehicle startup Fisker (NYSE:) said on Friday it had received a non-compliance notice from the New York Stock Exchange as its shares had closed on average below $1 for 30 consecutive trading days.
Failure to comply with NYSE rules can lead to delisting, and companies typically use reverse stock splits to restore compliance with the floor price requirement.
Fisker, which makes the Ocean electric SUV, said the notice will not lead to an immediate delisting, adding that it has six months to regain compliance.
The noncompliance notice is the latest in a long line of problems for the Manhattan Beach, California-based company, which is struggling to deliver its electric vehicles to customers.
While the company produced more than 10,000 vehicles in 2023 – less than a quarter of its initial forecast – it delivered only about 4,700. Fisker has added dealers alongside its direct-to-customer distribution model to speed up deliveries.
Separately, the U.S. National Highway Traffic Safety Administration (NHTSA) said Friday it had opened a preliminary investigation into allegations of unintended vehicle motion in about 4,000 Ocean SUVs.