CNN —
Shares of Fisker, a California-based electric vehicle startup, were halted Monday. This comes after the company warned, in an earnings report in March, that it might not have enough cash to survive the year.
Fisker’s shares traded for as much as $28 in February of 2021, valuing the company at just under $8 billion, but its shares now currently trade for less than 10 cents per share, reducing the EV car maker’s total market capitalization to less than $50 million
Fisker had also previously said it was in talks with a major, established
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