After months of bad news and declining share prices, Fisker (OTCMKTS:FSRN) may finally be approaching the end of the line. The electric vehicle (EV) producer recently filed for Chapter 11 bankruptcy, as reported in a company filing yesterday. Now, Fisker stock is falling fast on the news, currently down more than 50% for the day. These declines are likely to continue as the struggling company accelerates its race to the bottom.

After months of production setbacks and significant financial problems, among many other things, this news likely surprises no one. Back in May, InvestorPlace contributor Alex Sirois described Fisker as “of the most disappointing EV stocks of the last few years.”

Now that Fisker has officially opted for Chapter 11, investors are more aware than ever that the troubled automaker is careening toward a cliff. But what else should investor know about firm?

Let’s take a look at just how bad things really are for Fisker.

Fisker Stock: What to Know

• This bankruptcy filing follows news that Fisker has halted production on its Ocean SUV, its only current model.
• Fisker’s statement highlights that it is in “advanced discussions with financial stakeholders regarding debtor-in-possession financing.”
• The company has also revealed that it is considering selling off its assets.
• This isn’t the first time a company called Fisker has filed for bankruptcy. CEO Henrik Fisker’s previous endeavor, Fisker Automotive, opted for Chapter 11 in November 2013.
• As InvestorPlace contributor William White reports, Fisker has confirmed that “its manufacturing halt will remain in place throughout the bankruptcy.”
• CEO Henrik Fisker is scheduled to appear at the Economic Times Autotech Summit on June 20. But with the bankruptcy news, the event is unlikely to do much for Fisker stock.
• Several other microcap EV penny stocks are poised to follow Fisker’s lead into bankruptcy, including Faraday Future Intelligent Electric (NASDAQ:FFIE) and Mullen Automotive (NASDAQ:MULN).

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Read More: Penny Stocks — How to Profit Without Getting Scammed

On the date of publication, Samuel O’Brient did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.