Fisker Sees Resignation, Shares Fall – Los Angeles Business Journal

0 32

It’s been a rocky month. Fisker Inc.Its chief accounting officer resigned after just eight days on the job, it missed its third-quarter report and the stock is seeing a slump.

Florus Beuting He left the Manhattan Beach electric car maker after being hired to fill the position on Nov. 6.

Fisker didn’t celebrate either. New York Stock Exchange It provides for the presentation of the report for the third quarter, which was November 13. The company will file a 10-Q form on Nov. 14 Securities and Exchange Commission.

If it does not file within that period, the stock exchange has the option of granting a six-month extension to achieve compliance.

The stock exchange’s announcement, however, indicates that it can start canceling proceedings at any time if it deems it necessary, according to a release from Fisker. On November 13, Fisker filed a notice with the SEC that it would delay filing its third quarter financial documents.

“Although the Company has devoted significant resources to include the consolidated financial statements and related disclosures in the Form 10-Q, the Company has not been able to file the Form 10-Q before November 14,” the company said. .

Mr. Fisker said he will need more time to complete the preparation of the financial statements included in the Form 10-Q. (he) in the next few days.

The additional time required to prepare the 10-Q is related to Beuting’s hiring as chief accountant.

According to the Wall Street Journal, Beuting, a former chief accountant at PLBY groupThe parent of the Playboy brand was hired by Fisker before the company unexpectedly pushed its quarterly earnings due to a change in accounting executives.

John FinnucanIn the year Fisker, who has been Fisker’s chief accounting officer since the company went public in late 2020, left Oct. 27, 2010, to join a private company focused on refueling. While Finnucan is leaving, Fisker’s departure is not related to company operations or accounting, the Journal reported.

There was another reason behind the late submission:

“During the preparation of the report, the company determined that there were material weaknesses in its internal control over financial reporting. These material weaknesses will be discussed in the report,” Fisker said in a November 13 SEC filing.

Still in 2010 On November 13, the company issued a press release with the third quarter financials, but did not submit a report to the SEC.

For the quarter ending Sept. 30, Fisker reported a loss of $91 million (-27 cents a share), compared with a loss of -$149 million (-49 cents a share) a year earlier.

As of October 3, Fisker’s stock closed at $6.78 before falling. It’s one of the biggest discounts since Fisker reported a third-quarter earnings delay. The stock price closed at $4.11 on November 13 and fell nearly 19% the next day to close at $3.34. It closed at $2.12 on November 22.

Source link

Leave A Reply

Your email address will not be published.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More