Fisker Inc. (NYSE:FSR) (“Fisker”), driven by a mission to create the world’s most emotional and sustainable electric vehicles, today announced the signing of a securities purchase agreement in connection with its intention to offer (the “Offering”) $340,000,000 in aggregate principal amount of 0% senior unsecured convertible notes due 2025 (the “Notes”) to an institutional investor (the “Investor”), with the potential to increase the aggregate principal amount of the Notes to $680,000,000. The Notes have an original issue discount of approximately 12%, resulting in gross proceeds of $300,000,000 to Fisker. Fisker has also granted the Investor the right to purchase up to an additional $226,666,667 in aggregate principal amount of Notes during a six month period beginning on the one-year anniversary of the closing date of the Offering. If the Investor exercises such right in full, Fisker can exercise a right to require the Investor to purchase an additional $113,333,333 in aggregate principal amount of additional Notes.
Fisker intends to use the net proceeds that it receives from the Offering for general corporate purposes, including working capital, an additional battery pack line to support growth in 2024 and beyond, sales and marketing, capital expenditures, and the development of future products.
