Fisker pushes again in opposition to brief vendor report; denies money restriction By Investing.com

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© Reuters. Fisker (FSR) pushes again in opposition to brief vendor report; denies money restriction

By Michael Elkins 

American electrical car maker, Fisker (NYSE:) has pushed again in opposition to a current report by brief vendor, Fuzzy Panda Analysis, that claims the EV firm didn’t disclose limits on its money stability.

The report by Fuzzy Panda claims {that a} “overwhelming majority” of the $825 million in money Fisker reported on the finish of the third quarter is tied up in undisclosed financial institution ensures to guard Magna Steyr. Magna Steyr is the contractor constructing the automobiles for Fisker. The report cited unnamed former staff.

The brief vendor estimates that Magna Steyr has been promised not less than $790 million to make sure cost for tooling, manufacturing prices and margins.

Fisker referred to as the claims unfaithful, saying in a press release that “Magna doesn’t have a financial institution assure.”

Fisker, which stated it had issued a cease-and-desist letter to the brief vendor, additionally rejected one other allegation within the report that it doesn’t have the mental property for the Ocean SUV.

Founder and CEO Henrik Fisker beforehand informed staff that the report was “largely deceptive.” In an inner e-mail, he informed staff to not have interaction with social media posts in regards to the matter.

Fuzzy Panda beforehand revealed reviews about Electrical Final Mile Options Inc. (OTC:), which filed for chapter in June, and Workhorse Group Inc. (NASDAQ:), which is ready to shut in February 2021.

Shares of Fisker fell 5.4% on Thursday. The inventory is down 1.64% in pre-market buying and selling on Friday.

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