Shares of FREYR Battery (NYSE: FREY) were plunging today, down over 38.4% in today's trading. FREYR is essentially a start-up that managed to raise money in the public markets via a special purpose acquisition company (SPAC) during the SPAC bubble-boom of 2021.

Most SPACs probably never should have gone public, to begin with, and notably busted last year. However, FREYR had actually held up better than most SPACs heading into 2023. Nonetheless, now that the electric vehicle (EV) market is slowing rapidly amid higher interest rates, FREYR, too, is now feeling the crunch of closed capital markets amid uncertain demand.

It should be known that FREYR is not just unprofitable -- it doesn't even have revenues as of yet. Its operating loss was $35 million during the quarter, expanding from a $29 million operating loss in the year-ago quarter. While FREYR does have about $300 million worth of cash on hand as of Sept. 30 and no debt, that's already down from $443 million at the start of the year.

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Source Fool.com