Fisker is facing significant funding challenges, seeking to raise $166.67 million through convertible notes amid concerns about its ability to continue as a going concern. The company has experienced substantial cash burn, with its cash balance significantly reduced. The funding, structured in four tranches, aims to support Fisker's transition to a dealer model and vehicle sales. However, the company acknowledges the need for additional funding and the possibility of seeking bankruptcy protection if unable to secure necessary capital.