Fisker Inc. introduced its intention to supply $170,000,000 in mixture principal quantity of 0% senior unsecured convertible notes due 2025 (the “Notes”) to an present institutional investor (the “Investor”), with such Notes having an authentic concern low cost of roughly 12%, leading to gross proceeds of $150,000,000 to Fisker.
The Notes are being bought pursuant to a beforehand introduced Securities Buy Settlement, dated July 10, 2023 (the “Unique Buy Settlement”), by and between the Firm and the Investor, as amended by Modification No. 1 to the Securities Buy Settlement, dated September 29, 2023 (the “Buy Settlement Modification” and, along with the Unique Buy Settlement, the “Securities Buy Settlement”).
Because of the Buy Settlement Modification, Fisker could now provide as much as a further $623,333,334 in mixture principal quantity of 0% senior unsecured convertible notes beneath the Securities Buy Settlement, with such notes having an authentic concern low cost of roughly 12%, leading to further gross proceeds of as much as $550,000,000 to Fisker.
The brand new funding spherical follows a beforehand introduced convertible notes providing of $340,000,000 in mixture principal quantity in July 2023 by Fisker to the Investor.
This capital will allow Fisker to speed up deliveries, develop development, and expedite the corporate’s car packages.
TD Cowen served as monetary advisor to Fisker and Orrick, Herrington & Sutcliffe LLP served as authorized counsel to Fisker.
Fisker commenced deliveries of its first car, the all-electric Fisker Ocean SUV in each the US and Europe earlier this yr, after a profitable manufacturing launch in November of 2022. In August, the corporate introduced its imaginative and prescient for future merchandise, together with the Fisker PEAR crossover, the Fisker Alaska pickup truck, the Fisker Ronin tremendous GT convertible, and Fisker Power-E offroad bundle for the Ocean SUV.
Sep 30, 2023