An earlier version of this story incorrectly stated that an executive departure was not disclosed. It has been corrected.
Shares of Fisker Inc. sank into record-low territory Wednesday after the electric-vehicle maker suddenly pushed back the release of its third-quarter results by nearly a week.
The company was scheduled to report results before the opening bell, at 9:30 a.m. Eastern time. But just before just before the results were expected, Fisker issued a release saying it had “adjusted” the timing to Nov. 13 after the market close, at 4 p.m.
The stock
FSR,
-8.70%
dropped 7.2% in midday trading, to trade below the Nov. 1 record-low closing price of $4.14.
“The timing of the appointment of a new chief accounting officer effective Nov. 6, 2023, and the departure of the former chief accounting officer effective Oct. 27, 2023, has delayed the completion of the financial statements and related disclosures,” the company said in a statement.
The company has not responded to a request for comment and more information.
The company had disclosed on Nov. 6 in an 8-K filing with the Securities and Exchange Commission that Florus Beuting had been appointed CAO. Beuting had previously served as CAO of media and lifestyle company PLBY Group Inc.
PLBY,
-4.13%
since February 2021, and before that had been controller at NBCUniversal Media LLC since December 2017.
The company had said in an 8-K filed on Sept. 22 that then CAO John Finnucan said he was leaving the company, effective Oct. 17, to become chief financial officer of a private company. The company said at that time that the departure is not related to operations, policies or practices of the company.
The stock has tumbled 31.6% over the past three months, while the Global X Autonomous & Electric Vehicles exchange-traded fund
DRIV
has dropped 15.8% and the S&P 500
SPX
has slipped 2.8%.
Read the full article here