The New York Stock Exchange suspended trading in Fisker Inc.’s Class A common stock (ticker FSR) on March 25, 2024, and began delisting proceedings. NYSE Regulation said the shares were no longer suitable for listing because of “abnormally low” price levels under Section 802.01D of the NYSE Listed Company Manual. Fisker reported the action in a same-day SEC filing.
What happened to Fisker stock?
NYSE said trading would stop immediately and that it would commence proceedings to remove Fisker’s shares from the exchange. Its stated reason was the stock’s abnormally low price level under Section 802.01D—not the separate below-$1 compliance notice Fisker had received in February.
NYSE announced the suspension on March 25, 2024. The exchange said Fisker could request review by a committee of its board. In an April 10 Form 25 notice, NYSE said Fisker had not made a timely review request and stated that it intended to remove the shares from listing and registration on April 22, 2024.
How the February below-$1 notice differed
On February 15, 2024, Fisker disclosed that NYSE had notified it that the average closing price of its shares had been below $1 for 30 consecutive trading days. That notice cited Section 802.01C and gave the company six months to regain compliance. Fisker said the notice did not immediately delist its shares.
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The March action was distinct: NYSE suspended trading immediately under Section 802.01D, citing abnormally low price levels. The February notice did not itself halt trading.
| Date | NYSE rule | Stated basis | Immediate consequence |
|---|---|---|---|
| February 15, 2024 | Section 802.01C | Average closing price below $1 for 30 consecutive trading days | Compliance notice with a six-month cure period; no immediate delisting, according to Fisker’s filing. |
| March 25, 2024 | Section 802.01D | “Abnormally low” price levels, according to NYSE Regulation | Immediate suspension and commencement of delisting proceedings. |
What the suspension meant for investors
Trading moved away from the NYSE
Fisker said on March 25 that it expected its stock to be quoted on OTC Pink or another OTC Markets platform. That was the company’s expectation at the time, not confirmation of its present-day trading status. Fisker warned that OTC trading was significantly more limited and less liquid than NYSE trading, and said it could not assure that trading would occur, that broker-dealers would continue quotations, or that volume would be sufficient.
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Fisker disclosed a note-default consequence
Fisker warned that delisting could have consequences under its convertible notes. In a later filing, the company reported that five consecutive trading days of suspension had triggered an event of default under certain notes. That is a contractual consequence Fisker disclosed; it does not establish that the NYSE suspension alone caused the company’s later financial distress.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What happened after the delisting notice?
NYSE’s April 10, 2024 Form 25 notice set April 22 as the intended date to remove Fisker shares from listing and registration. Fisker’s Chapter 11 cases came later: Fisker Group Inc., then Fisker Inc. and its other U.S. subsidiaries, filed petitions on June 17 and June 19, 2024, in the U.S. Bankruptcy Court for the District of Delaware. The cases were jointly administered, and the June filing identified the companies as debtors in possession at that time. Those later events do not change NYSE’s stated reason for the March suspension.
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Sources
- NYSE Regulation’s March 25, 2024 announcement
- Fisker’s February 15, 2024 SEC filing on the below-$1 notice
- Fisker’s March 25, 2024 SEC filing on the suspension
- NYSE Form 25 notice filed April 10, 2024
- Fisker’s May 2024 filing on the note event of default
- June 2024 Chapter 11 filing
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