Why Fisker Shares Are Falling Today
Shares of Fisker (NYSE: FSR) fell as much as 15% on Tuesday after the electric vehicle manufacturer announced plans to sell $350 million worth of additional shares into the market. The move comes just weeks after company officials implied they would not have to go to market with additional shares, and it likely caught investors off guard. As of 11 a.m. ET today, shares were still down 14%.
Fisker is one of a number of electric vehicle start-ups attempting to bring an automobile to market. The company hopes to begin production of its Ocean SUV before year's end, but will need money to do it.
Image source: Fisker.
Source Fool.com