One major dissenter threatens to upend Fisker’s apparent best chance at offloading its unsold EVs, a deal that would keep the startup’s bankruptcy proceeding alive and pave the way for paying pack creditors some of what they’re owed. The objection to the sale comes from the office of the U.S. Trustee, an arm of the […]
Fisker has one major objector to its Ocean SUV firesale Read More »
Fisker Inc. co-founders Henrik Fisker and his wife, Geeta Gupta-Fisker, are lowering their salaries to $1 in order to keep their failed EV startup’s bankruptcy proceedings funded, as lawyers work to complete a sale of its remaining inventory. Fisker Inc.’s restructuring officer, John DiDonato, said in a Tuesday morning filing that the couple, who co-founded
Henrik Fisker drops salary to $1 to keep Fisker Inc. bankruptcy case alive Read More »
Fisker has a willing buyer for its remaining inventory of all-electric Ocean SUVs, and has asked the Delaware Bankruptcy Court judge overseeing its Chapter 11 case to approve the sale. If approved by the judge, Fisker would be able to offload 3,321 finished EVs to a New York-based vehicle leasing company for $46.25 million. That
Fisker asks bankruptcy court to sell its EVs at average of $14,000 each Read More »
Fisker is just a few days into its Chapter 11 bankruptcy, and the fight over its assets is already charged, with one lawyer claiming the startup has been liquidating assets “outside the court’s supervision.” At issue is the relationship between Fisker and its largest secured lender, Heights Capital Management, an affiliate of financial services company
The fight over Fisker’s assets is already heating up Read More »
Fisker was facing “potential financial distress” as early as last August, according to a new filing in its Chapter 11 bankruptcy proceeding, which the EV startup initiated earlier this week. The admission provides a clearer picture of Fisker’s troubles in 2023 as it struggled to ramp up deliveries of its flagship Ocean SUV, despite CEO
Fisker faced financial distress as early as last August Read More »
Two years ago, an employee at Fisker Inc. told me that the most pressing concern inside the EV startup was not whether its Ocean SUV would get built. Fisker was outsourcing the manufacturing of its first EV to highly respected automotive supplier Magna, after all. The startup’s November 2022 start-of-production target was aggressive, but not
Fisker failed because it wasn’t ready to be a car company Read More »
Apple on Thursday reported a 10% drop in iPhone sales for the second fiscal quarter, dropping from $51.33 billion to $45.96 billion, year-over-year. The slowdown was fueled, in part, by an 8% drop in China. Apple’s slow adoption of AI versus competitors like Google and Microsoft likely played a role in consumers’ decision to hold
Apple earnings see 10% iPhone sales drop, massive buyback fuels stock jump Read More »
Hubble Network has become the first company in history to establish a Bluetooth connection directly to a satellite — a critical technology validation for the company, potentially opening the door to connecting millions more devices anywhere in the world. The Seattle-based startup launched its first two satellites to orbit on SpaceX’s Transporter-10 ride-share mission in
Hubble Network makes Bluetooth connection with a satellite for the first time Read More »
The graduates of Alliance DAO are often useful indicators of investor appetite and user adaption trends within the crypto space. The latest batch of the stage-agnostic crypto accelerator, unveiled today, comes at a moment of great excitement for the recovering market. Just two months ago, Bitcoin hit its all-time high; though the value of the
Alliance DAO is attracting fewer US founders amid crypto crackdown Read More »
Lacey Hunter thought all was well as she put her startup through the three-month Newchip accelerator. Then the organization filed for bankruptcy in May 2023. Things went from bad to worse later that year when she discovered warrants of her company — rights to buy an ownership stake — had become part of the proceedings,
They thought they were joining an accelerator — instead they lost their startups Read More »
