Fisker, the electric vehicle (EV) startup, is being removed from the New York Stock Exchange (NYSE) after announcing on Monday, March 25, that it would immediately cease trading shares of the firm.

Due to "abnormally low" price levels, the exchange said that Fisker's stock is "no longer suitable for listing." A month ago, NYSE had already notified Fisker that it was in violation of its regulations after its stock price had been below $1 for 30 consecutive trading days, TechCrunch reported.

Troubled Times Ahead as Delisting Is Looming

Although Fisker has the option to challenge the NYSE's decision, the company said in a filing on Monday afternoon that it anticipates transferring its shares to an over-the-counter exchange, such as OTC Pink, for trading purposes. Additionally, the company said it may have a "material adverse effect" due to the delisting having triggered payback provisions in two existing loans that are now beyond its financial means.

With the suspension coming to a close, Fisker had a rocky day as its shares dropped more than 28% before the trading halt.

The news that Fisker has reportedly lost an agreement with a major carmaker, Nissan, came earlier Monday. This puts the newly announced effort to get emergency cash at risk.

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Several Issues Have Plagued the Business for Months

Customers' complaints, litigation, and federal investigations against Fisker have been building for months. Reportedly, the struggling EV company has had a hard time selling its Ocean SUV initially, falling short of its sales targets in January.

Instead of relying on direct marketers, it shifted its focus to dealerships. According to internal records, Fisker has also had trouble solving quality concerns that have plagued its business.

Fisker confirmed last week that the company has just $121 million after laying off 15% of its employees (around 200) in February. In a warning to investors, the firm said it would not make it through the year without further funding. As a result, manufacturing has also been halted.

Almost two weeks ago, Fisker reportedly brought in restructuring specialists in anticipation of potentially declaring bankruptcy.

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