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Fisker loses potential Nissan deal, putting rescue funds at risk

TechCrunch · 1y ago

Fisker loses potential Nissan deal, putting rescue funds at risk

Electric vehicle startup, Fisker, has terminated negotiations with a large automaker, rumoured to be Nissan, for a possible investment and collaboration. This development jeopardizes Fisker's near-term rescue funding effort. Despite announcing a potential $150 million convertible note last week, the company's stock plummeted 28% after the negotiations were terminated. Fisker has faced various challenges recently, including underperforming sales of its Ocean SUV, quality problems with delivered cars, and layoffs of around 200 staff members. Fisker is now exploring other strategic alternatives, including debt refinancing, asset sales, and potential tie-ups with other automakers.

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Fisker pauses production with just $121 million in the bank

TechCrunch · 1y ago

Fisker pauses production with just $121 million in the bank

EV startup Fisker is halting production of its electric Ocean SUV for six weeks due to a shortage of funds. The company's regulatory filing revealed it has $121 million in cash, with $32 million inaccessible. Fisker stated that it has an accounts payable balance of $182 million, raising doubts about its ability to continue operations without raising more capital. The startup faced challenges with software issues and customer service, leading to an investigation by the National Highway Traffic Safety Administration. Fisker is attempting to secure a partnership with an automaker, possibly Nissan, and is trying to raise $150 million through convertible notes.

Fisker trading suspended by NYSE

TechCrunch · 1y ago

Fisker trading suspended by NYSE

The New York Stock Exchange (NYSE) has suspended trading of electric vehicle (EV) startup Fisker and is taking steps to remove the company from its stock exchange. The decision comes after Fisker's stock price fell below $1 for 30 consecutive days, violating NYSE rules. Fisker can appeal the decision, but it is expected to be moved to an over-the-counter market. Additionally, Fisker lost a potential deal with a large automaker, jeopardizing its recent attempt at securing emergency funding. The company has been facing various challenges, including customer complaints, lawsuits, and financial difficulties.

US and China race to shield secrets from quantum computers

Economic Times

Economic Times · 1y ago

US and China race to shield secrets from quantum computers

The article discusses the race between the United States and China to protect their secrets from the threat of quantum computers. Quantum computers have the potential to crack current encryption methods, putting sensitive information at risk. Both countries are investing heavily in quantum technology and developing new encryption standards to counter this threat. The article also highlights the potential applications and benefits of quantum computing in various industries.

What’s at stake for PE firms, impact investors as Aviom lands in bankruptcy court

VCCircle

VCCircle · 5m ago

What’s at stake for PE firms, impact investors as Aviom lands in bankruptcy court

Aviom India Housing Finance Pvt Ltd, a mortgage lender backed by private equity investors and impact funds, has filed for bankruptcy, putting investors at risk of losing their investments. The Reserve Bank of India filed the application, which was accepted by the National Company Law Tribunal. This development raises concerns for stakeholders involved, including founder and CEO Kajal Ilmi, and presents significant financial implications for those who supported the Delhi-based company.

What’s at stake for VCs, angel investors as BluSmart ride gets bumpier?

VCCircle

VCCircle · 4m ago

What’s at stake for VCs, angel investors as BluSmart ride gets bumpier?

BluSmart Mobility, a once-promising Indian startup in the electric vehicle sector, faces significant financial challenges, putting millions of dollars at risk for numerous angel investors, venture capital firms, and a major impact investor. Known for its innovative cab-hailing services and charging infrastructure, the Gurugram-based company was considered a beacon of India's burgeoning electric mobility industry. However, its current struggles highlight the volatility and challenges within the sector, affecting stakeholders' potential returns.

Tata Digital loses another senior executive

Economic Times

Economic Times · 1y ago

Tata Digital loses another senior executive

Rajiv Subramanian, head of the travel business at Tata Digital's ecommerce superapp Neu, has resigned, adding to the list of senior-level departures at the firm. Subramanian was formerly the head of travel firm Cleartrip before joining Tata Digital in November 2021. This comes as part of a pattern of churn within the Neu team, following aggressive hiring by former Tata Digital President Mukesh Bansal and delays in allocating stock options to senior executives. Tata Digital is preparing for an external fundraise next year, with potential plans for a $1 billion infusion.

As Fisker fails, EV startups need to learn from China

Livemint

Livemint · 1y ago

As Fisker fails, EV startups need to learn from China

Electric vehicle startup, Fisker, may face failure as it runs low on funds and struggles with its asset-light model of outsourcing production. The company aimed to save billions of dollars by outsourcing manufacturing to third parties, but this approach may not work in the car industry where profitability relies on factories operating at capacity. Chinese EV startups have shown a faster time to market, reducing costs and draining less cash. Car manufacturers need to cut costs and lighten capital requirements rather than relying on others.

Stupid Cupid: How Dating Apps In India Have Become Crime Epicentres

Inc42 · 1y ago

Stupid Cupid: How Dating Apps In India Have Become Crime Epicentres

The skewed gender ratio on dating apps and the inability to monetise have led the dating apps to overlook the security, privacy related measures putting users at risk. Crimes such as deceit, blackmail, extortion, and even murder have been reported in connection with Indian dating apps. A Norton report revealed that 66% of adults using dating platforms in India fell victim to financial fraud. The lack of accountability and cooperation from dating apps, as well as the inadequate penalties for violations, have further exacerbated the problem.

Top global network service provider apparently leaks hundreds of millions of user accounts

Techradar

Techradar · 1y ago

Top global network service provider apparently leaks hundreds of millions of user accounts

A global network service provider, Zenlayer, left a database with sensitive internal and customer information exposed on the internet without password protection. The breach was discovered by cybersecurity researcher Jeremiah Fowler, who alerted the company. The database contained 380 million records, including server logs, customer data, and files labeled with various categories. The information leak exposed details about Zenlayer's operations and customer records, potentially putting them at risk. It is unclear how long the database was unprotected or if any malicious actors accessed it.

Top-tier IT talent doesn't stick around in 'mid-market' organizations - which could also be a major security risk

Techradar

Techradar · 1y ago

Top-tier IT talent doesn't stick around in 'mid-market' organizations - which could also be a major security risk

A study by Advania reveals that mid-market organizations struggle to attract and retain top-tier IT talent, putting them at a greater risk of cybersecurity attacks. Despite prioritizing cybersecurity training, many businesses are failing to implement basic security measures such as firewall and antivirus maintenance. Additionally, the study found that talent retention is a major challenge, with only 2% of businesses successfully retaining excellent IT staff over two years. The report suggests that proactive budgeting and investments in cybersecurity, as well as focusing on talent retention, are crucial for these organizations.

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