Electric vehicle company Fisker’s stock plunged more than 40% in after-hours trading on Wednesday as investor concern about the company’s ability to stay in business intensified.

On Wednesday, the Wall Street Journal, citing people familiar with the matter, reported that Fisker had hired restructuring advisers to work on a potential bankruptcy filing.

Fisker declined to comment on the report, but earlier this month, the EV maker warned that it might not have enough money to survive another year.