The New York Stock Exchange suspended trading of Fisker as its stock fell to $0.09 a share Monday, as the electric vehicle manufacturer also announced a potential deal with a major automaker was terminated. 

Fisker announced both via SEC filings Monday, also saying that the delisting of its stock triggers a requirement to offer to repurchase its unsecured 2.50% convertible notes due 2026 and will cause a default under its senior secured convertible notes due 2025. 

“We do not currently have sufficient cash reserves or financing sources sufficient to satisfy all amounts due under the 2026 Notes or the 2025 Notes, and as a result, such events could have a material adverse effect on our business, results of operations, and financial condition,” a filing says. 

A separate filing says that failure to secure a deal with the automaker means the company will be unable to meet the conditions it set with an investor last week. 

“As a result of the inability to meet such closing condition, the Company intends to engage in discussions with the Investor regarding a waiver of such closing condition (or alternatively, having the Investor provide financing to the Company on different terms),” Fisker says in one of the filings. “These alternatives involve significant uncertainties, and there can be no assurance that any of these discussions will be successful or that any funds will be available to the Company under the Commitment.” 

Last week, the company announced it would pause production for six weeks as it faced the possibility of its stocks being delisted. 

It also said last week it would need to seek protection under bankruptcy laws if it was unable to raise capital to meet its debts. 

According to Reuters, Fisker’s owner, Henrik Fisker, previously attempted to start an auto company that failed during the 2008 financial crisis and filed for bankruptcy in 2013 despite receiving $192 million in loans from the Department of Energy. 

While Fisker’s shares were dropping Monday, Lucid, another EV automaker, saw its shares climbing nearly 8% as it announced a $1 billion capital injection from an affiliate of Saudi Arabia’s Public Investment Fund, according to Reuters. 

The article says the Saudi government has a 60% stake in the company.

Lucid claims it will use the funding for corporate purposes and capital expenditures, Reuters says.

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