Topic starter
November 20, 2023 11:18 AM
...Wall Street had to know about the 2nd CAO departure. Yes?
I come from the music business. There, all that ever matters is "are they selling records or not" and yes, Fisker finally is.
Will the accounting issues take this down? I really can't comment on that, but this is a phenomenal deal IF the company survives.
Thoughts?
November 20, 2023 11:27 AM
Here is the link to WSJ article.
Reservation May 13, 2021; Ordered Ultra [VIN ...85XX - 20 Sept; Building - 23 Oct; Built & awaiting transport to port of departure - 22 Nov (update via case #)]; En route to port - 24 Nov; About to set sail - 27 2023, Great White, 22" F5a, Black Abyss, Winter and Tow/Electric package; 2019 Honda Clarity Touring PHEV; 2021 Chrysler Pacifica Pinnacle PHEV. LG 10 kWp solar.
FickerMan reacted
November 20, 2023 12:27 PM
Oh my. FSR was looking like it was stabilizing or even having a bit of a bounce this morning before the Journal article popped up at 2pm Eastern.
November 20, 2023 12:47 PM
Can’t understand how anyone can watch this get destroyed every day and do nothing? Seems almost intentional
November 20, 2023 1:18 PM
Can’t understand how anyone can watch this get destroyed every day and do nothing? Seems almost intentional
Or just dumb. I would doubt it is intentional coz HF and wife hold much of the stock. New day - new nonsense news - new lows!
The best way to learn is to make a mistake and never make it again! FSR seem to have found a loop hole and make 'new' mistakes everytime to mess up.
Reservation May 13, 2021; Ordered Ultra [VIN ...85XX - 20 Sept; Building - 23 Oct; Built & awaiting transport to port of departure - 22 Nov (update via case #)]; En route to port - 24 Nov; About to set sail - 27 2023, Great White, 22" F5a, Black Abyss, Winter and Tow/Electric package; 2019 Honda Clarity Touring PHEV; 2021 Chrysler Pacifica Pinnacle PHEV. LG 10 kWp solar.
November 20, 2023 1:39 PM
Waiting for the 10q to see if they are actually going out of business or just more sloppy business practices.
November 20, 2023 5:59 PM
Waiting for the 10q to see if they are actually going out of business or just more sloppy business practices.
Yes, I'm still trying to figure out how bad it could be that the second CAO has bailed. We know there wasn't any revenue to restate. You'd think Magna would have a pretty good idea of what their expenses were last year when the line was getting set up. I'll throw out my remaining speculative options in no particular order (note: these are purely conjecture, I have no evidence for any of them, just trying to brainstorm possibilities.)
- Dr. Burkhard Huhnke (who departed for "personal reasons" around the same time as CAO #1) was lining pockets/misallocating funds out of R&D budget.
- Shenanigans around stock-based compensation milestones like hitting "SOP" on November 17, 2022.
- Mistakes around reporting GAAP financials based on IFRS statements from European subsidiaries.
- Issues around the accounting of deposits (which should have been escrowed separate from operating cash), especially in European markets where refunds are being paid out.
- The biggie: if any of the above (or something else entirely) leads to the documentation provided to the convertible debt counterparty being misleading, jeopardizing the cash reserves.
November 20, 2023 6:06 PM
I feel like this is just a complete circus but I don't think anyone here will get clarity on the actual truth of what has been going on.
Fisker Brat reacted
November 22, 2023 11:26 AM
10Q for 3rd Qtr was filed 11/22/23 with SEC.
Fisker Ocean One #2300 Silver Lining/Sea Salt/F5 Airstreams