Fisker bankruptcy weighs on SPAC-funded EV sector

News Snapshot:

Fisker’s (OTC:FSRN) bankruptcy filing Tuesday is reverberating through the electric vehicle market with investors positioning defensively in the event Fisker’s (OTC:FSRN) collapse is just the first shoe to fall. Plagued by a cash crunch, lackluster demand for its flagship Ocean SUV, and inability to woo a potential buyer, the California-based carmaker filed for Chapter 11 bankruptcy protection in Delaware court. “After evaluating all options for our business, we determined that proceeding with a sale of our assets under Chapter 11 is the most viable path forward for the company,” a company spokesperson said. Polestar (PSNY) is currently the hardest hit...