Lithium-ion battery maker A123 Systems Inc. (NASDAQ: AONE) posted a new 52-week low of $0.96/share earlier today. The battery maker was hit last week with an estimated $55 million recall of modules and battery packs installed in luxury electric vehicles manufactured by Fisker Automotive.
A123 invested $13 million in Fisker in January 2010, but did not participate in Fisker’s current venture round in which the auto maker has so far garnered $392 million of a proposed total of $500 million in new financing. Fisker has received more than $500 million in federal loans to restart its assembly line in Delaware.
The combination of A123’s shaky financial position and investors getting reminded of the near-death experience of Fisker itself is more than the stock could withstand today. Shares are trading down -8.9% at $1.01 in a 52-week range of $0.96-$6.39. More than 8.2 million shares have traded hands today.
Sponsored: Find a Qualified Financial Advisor
Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you’re ready to be matched with local advisors that can help you achieve your financial goals, get started now.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
