Pay close attention to Fisker (FSR).
According to a Fuzzy Panda Research report, “Fisker has large undisclosed bank guarantees that set a minimum cash balance. The bank guarantees are to Magna and are estimated at ~$790-825 million. This is Fisker’s entire current cash balance! We believe these guarantees are preventing Fisker from funding operating losses with the cash on their balance sheet and instead force them to utilize their ATM facility to raise cash to pay expenses.”
You can read the full Fuzzy Panda Research report here.
However, Fisker was quick to report that, “Fisker Inc. does not have a bank guarantee with Magna, and Fisker owns the intellectual property for the Fisker Ocean platform. The Ocean platform does not have 80 percent carryover parts from any other platform.”
Better, insiders are putting their money where their mouth is.
According to a company press release, “CEO Henrik Fisker and CFO/COO Geeta Gupta-Fisker on Monday purchased 33,700 shares of Fisker Class A common stock. Henrik and Geeta co-founded Fisker Inc. in 2016. The all-electric carmaker became publicly traded on the NYSE in October 2020. In addition to the Fiskers, Chief Accounting Officer John Finnucan on Monday purchased 450.095 shares of Class A stock in the company.”
This could get interesting. Keep an eye on the story.
