(Reuters) – Electric vehicle startup Fisker (NYSE:) said on Friday it received a notice of non-compliance from the New York Stock Exchange after its shares traded below $1 on average for 30 straight trading days.
Failure to comply with NYSE rules can result in delisting, and companies typically use reverse stock splits to regain compliance with minimum price requirements.
Fisker, which makes the Ocean electric SUV, said the notice would not lead to an immediate delisting from the stock exchange, adding that it has six months to regain compliance.
The non-compliance notice is the latest in a long line of problems for the Manhattan Beach, California-based company as it struggles to deliver its electric vehicles to customers.
While the company produced more than 10,000 vehicles in 2023—less than a quarter of its original forecast—it delivered only about 4,700. Fisker is adding dealerships to complement its direct-to-customer product distribution model to boost delivery volumes.
Separately, the U.S. National Highway Traffic Safety Administration (NHTSA) said Friday it has opened a preliminary investigation into allegations of unintended vehicle movement in approximately 4,000 Ocean SUVs.