Fisker withdraws financial guidance as talks to save itself continue

By Claudia Assis

ServiceNow CEO steps away from Fisker board

Fisker Inc. said late Wednesday it was withdrawing its financial guidance for 2024 as the embattled EV maker continues to seek alternatives to keep itself afloat.

The company said it "continues to evaluate strategic alternatives," which could include restructuring, debt or equity raises, debt refinancing, asset sales and other options, it said in a filing with securities regulators.

"These alternatives involve significant uncertainties, potential significant delays, costs and other risks, and there can be no assurance that any of these alternatives will be available on acceptable terms, or at all, in the current market environment or in the foreseeable future," Fisker said.

Fisker (FSRN) also said that Bill McDermott, the chief executive of software company ServiceNow Inc. (NOW), has resigned from the board as well as the board's audit committee.

ServiceNow requested McDermott's resignation for governance reasons and to reduce the number of outside boards he serves on, and it "was not a result of any disagreement with the company," Fisker said.

The EV maker appointed John S. Dubel to the board. Dubel led the restructuring of bankrupt SunEdison Inc.

Fisker shares' freefall has intensified in recent weeks, with the stock price halved in the past 12 months. Fisker has warned it could run out of cash and last month confirmed it had started talks with advisers regarding its options. It also started selling its EVs at a deep discount.

-Claudia Assis

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04-03-24 1829ET

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