It has been a terrible year for most electric vehicle (EV) makers. However, some companies have fared worse than others. Among the worst-performing EV stocks in the market in 2024 has been Fisker (OTCMKTS:FSRN), with Fisker stock delisted from the New York Stock Exchange and now trading dangerously close to 4 cents per share.
This journey toward zero has only seemingly accelerated, with a number of key issues plaguing the company. From Fisker defaulting on a $3.5 million loan to widespread layoffs carried out virtually, this is clearly an early-stage EV maker running out of runway.
A recall of 18,000 Fisker Ocean SUVs last week appears to have been the nail in the coffin for many. With FSRN stock down more than 99% from its peak (and down more than 97% year-to-date), bulls on this company are few and far between.
With bankruptcy looming, some speculators may be looking for a “Hail Mary” pass of sorts for Fisker. To that end, a key event coming up later this week could position this penny stock for a big move.
Let’s dive into what this key event is — and what investors should prepare for.
Is Fisker Stock a Buy Ahead of a Key Event Later This Week?
Fisker CEO Henrik Fisker will reportedly take the stage on June 20 for the Economic Times Autotech Summit. The company’s CEO has been out of the spotlight of late, so this will be his first public appearance in some time. Accordingly, many will be paying close attention to what the executive has to say about the company’s path moving forward.
With production halted and recalls affecting many of the vehicles Fisker has already sold, it’s unclear how the firm plans to move forward. And with its financing picture dour, investors will want to hear how Fisker plans to work its way out of this mess.
Reportedly, Henrik Fisker will be delivering a keynote entitled “Engineering Sustainable Vehicles and Cleaner Mobility.” For now, I think FSRN stock investors will be more interested in the Q&A to follow his address, which will likely include some hard-hitting questions. This will certainly be an event for investors (and short sellers) to watch closely.
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Read More: Penny Stocks — How to Profit Without Getting Scammed
On the date of publication, Chris MacDonald did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
