Fisker Says It Delayed 10-Q Filing Over Internal Control Weakness
November 22 2023 - 6:13PM
Dow Jones News
By Sabela Ojea
Fisker said it delayed the publication of its 10-Q earnings
filing by a month after identifying material weaknesses in its
internal controls.
The electric-vehicle startup on Wednesday said the Securities
and Exchange Commission filing was also filed late because of
accounting personnel changes, material adjustments to financial
information and increased business complexity and transactional
volume.
The Manhattan Beach, Calif.-based startup's preliminary results,
released on Nov. 13, included about $20 million of expenses that
were incorrectly recorded primarily as selling, general and
administrative expenses, but were associated with production set-up
activities.
Other inventory adjustments were recorded, resulting in a $4.0
million increase in its net loss, the company added.
Write to Sabela Ojea at sabela.ojea@wsj.com
(END) Dow Jones Newswires
November 22, 2023 18:58 ET (23:58 GMT)
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