Why Fisker Stock Zoomed 40.5% Today
Fisker (NYSE: FSR) stock is going parabolic today. Shares of the stock were up 34% as of 9:45 a.m. ET Friday and had shot up a jaw-dropping 40.5% at its highest point in trading as of this writing. The electric vehicle (EV) start-up is struggling to ramp up production and deliveries and is running short of cash. This morning though, an update from Fisker has lifted investors' hopes of a potential turnaround in the fortunes of the EV stock.
In a regulatory filing, Fisker announced that it has reached an agreement with an institutional investor that could save the company some money.
Among other things, the institutional investor has waived off any remedies it could have used on Fisker for failure to file its quarterly report in a timely manner with the Securities and Exchange Commission (SEC) for the period ended Sept. 30. It has also released all liens on intellectual property granted in connection with Fisker's transactions with an automotive partner.
Source Fool.com
