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Fisker signs four US dealers to begin shift from direct sales
Robert Ourisman (left), president and CEO of Ourisman Automotive Group, shakes hands with Fisker CEO Henrik Fisker after signing on as one of the automaker's first U.S. dealers during the 2024 NADA Show. Photo courtesy of Fisker Inc.
Fisker’s shift to a dealership model is beginning to take shape.
The electric vehicle manufacturer announced it has signed four dealer partners in the U.S. — Mills Automotive Group, Ourisman Fisker, Classic Fisker and Long Island Fisker.
The new dealerships will begin selling Fisker’s electric Ocean SUV from seven locations in six states.
Mills, which signed on as the automaker’s first American dealer during its Jan. 31 dealer open house, will open Fisker dealerships in Charlotte, N.C., Raleigh, N.C., and Greenville, S.C.
Ourisman Fisker in Rockville, Md., and Classic Fisker in Atlanta both came on board during this month’s NADA Show in Las Vegas. Long Island Fisker, which joined last week, will open locations in Long Island, N.Y., and New Jersey.
“I’m excited by the rapid progress of the dealer partnership model, which we announced just over a month ago,” chairman and CEO Henrik Fisker said. “The dealer partners we have signed so far share a commitment to the future of electric vehicles and to their communities, many of which they have served for multiple generations.”
Fisker, which announced a “strategic shift” from direct sales to a dealer partnership model Jan. 4, said it has received interest from more than 250 dealers and expects to add more in the coming weeks.
Low stock price not in compliance with NYSE standard
Last week, Fisker received notice from the New York Stock Exchange that it is not in compliance with NYSE standards because the average closing price of its common stock was less than $1 per share over a consecutive 30 trading-day period.
The notice has no immediate impact on the company’s listing on the exchange. Its common stock will continue to be listed and traded on the NYSE during a six-month cure period following receipt of the notice, according to a company news release.
Fisker said it intends to notify the NYSE within 10 business days of its intent to regain compliance. It can do so at any time during the cure period if on the last trading day of any calendar month the company has a closing share price of at least $1 and an average closing share price of at least $1 over the 30 trading-day period ending on the last trading day of that calendar month.
Fisker said it is considering all available options to regain compliance, including a reverse stock split, subject to stockholder approval.
