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.
Get Ready To Retire (Sponsored)
Start by taking a quick retirement quiz from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes, or less.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future
Get started right here.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
