Reorganization looks more likely Monday, as Fisker announced talks for a major deal collapsed.

As Fisker Inc. struggles to continue its operations, the company announced this week that it’s prospective deal with a “large automaker” — purportedly Nissan, according to widespread reports — will not come to fruition as the company hoped. The company announced it was in talks earlier this month, though its financial situation has gotten more grim in the intervening weeks, as it also seeks a $150 million lifeline from a current investor.

Stock trading in Fisker on the New York Stock Exchange has been halted after the announcement, according to several reports including one from Reuters Monday.

The company also said it will not be able to meet one of the closing conditions for that $150 million investment, after missing an $8.6 million interest payment for convertible notes due in 2026. The payment was due on March 15, though the startup says it is using the 30-day grace period to explore options with investors on how to move forward. Options include restructuring proceedings and capital markets transactions, while Fisker said it would ask investors to vote on a proposal for a reverse stock-split (consolidating shares to proportionately increase prices on the remaining shares) at its shareholder meeting on April 24.

Prior to suspending the stock, Fisker Inc. was trading at around $0.12 per share: a 98.5% drop from early 2023. That precipitous drop in value accelerated back in January, as the EV startup announced it lacked revenue to ramp up production and deliver units it already built to consumers. A relative glut of inventory and a cooling demand for new EVs also hurt its prospects, Fisker said at the time.

Nissan, for its part, announced “The Arc” earlier in the day on Monday, a new business plan encompassing mid-term plans through fiscal year 2026 and long-term goals through 2030. That plan conspicuously mentions “smart partnerships” with plans to launch 30 new models over the next three years, and a total of 34 electrified model lineups from fiscal year 2024 through 2030. Seven of those new models will launch in the U.S. and Canada, and the company says it is seeking partnerships to meet its mid- to long-term goals, while it also aims to “optimize production capacity with local partners” in China.