Fisker Raises Additional Growth Capital From Existing Investor; Funding Is $150 Million, With an Additional $550 Million Available
September 29 2023 - 7:00AM
Business Wire
Fisker Inc. (NYSE: FSR) (“Fisker”), driven by a mission to
create the world’s most emotional and sustainable electric
vehicles, announced today its intention to offer $170,000,000 in
aggregate principal amount of 0% senior unsecured convertible notes
due 2025 (the “Notes”) to an existing institutional investor (the
“Investor”), with such Notes having an original issue discount of
approximately 12%, resulting in gross proceeds of $150,000,000 to
Fisker.
The Notes are being sold pursuant to a previously announced
Securities Purchase Agreement, dated July 10, 2023 (the “Original
Purchase Agreement”), by and between the Company and the Investor,
as amended by Amendment No. 1 to the Securities Purchase Agreement,
dated September 29, 2023 (the “Purchase Agreement Amendment” and,
together with the Original Purchase Agreement, the “Securities
Purchase Agreement”).
As a result of the Purchase Agreement Amendment, Fisker may now
offer up to an additional $623,333,334 in aggregate principal
amount of 0% senior unsecured convertible notes under the
Securities Purchase Agreement, with such notes having an original
issue discount of approximately 12%, resulting in additional gross
proceeds of up to $550,000,000 to Fisker.
The new investment round follows a previously announced
convertible notes offering of $340,000,000 in aggregate principal
amount in July 2023 by Fisker to the Investor.
This capital will enable Fisker to accelerate deliveries, expand
growth, and expedite the company’s vehicle programs.
TD Cowen served as financial advisor to Fisker and Orrick,
Herrington & Sutcliffe LLP served as legal counsel to
Fisker.
Fisker commenced deliveries of its first vehicle, the
all-electric Fisker Ocean SUV in both the US and Europe earlier
this year, after a successful production launch in November of
2022. In August, the company presented its vision for future
products, including the Fisker PEAR crossover, the Fisker Alaska
pickup truck, the Fisker Ronin super GT convertible, and Fisker
Force-E offroad package for the Ocean SUV.
About Fisker Inc.
California-based Fisker Inc. is revolutionizing the automotive
industry by designing and developing individual mobility in
alignment with nature. Passionately driven by a vision of a clean
future for all, the company is on a mission to create the world’s
most sustainable and emotional electric vehicles. To learn more,
visit Fiskerinc.com and enjoy exclusive content across Fisker's
social media channels: Facebook, Instagram, Twitter, YouTube, and
LinkedIn.
Download the revolutionary new Fisker mobile app from the App
Store or Google Play.
Forward-Looking Statements
This press release includes forward-looking statements, which
are subject to the "safe harbor" provisions of the US Private
Securities Litigation Reform Act of 1995. These statements may be
identified by words such as "feel," "believes," expects,"
"estimates," "projects," "intends," "should," "is to be," or the
negative of such terms, or other comparable terminology and
include, among other things, the closing and issuance of additional
notes pursuant to the Securities Purchase Agreement, the Company's
future performance, expansion of operations, and other future
events that involve risks and uncertainties. Such forward-looking
statements are not guarantees of future performance and are subject
to risks and uncertainties, which could cause actual results to
differ materially from the forward-looking statements contained
herein due to many factors, including, but not limited to: Fisker's
limited operating history; Fisker's ability to enter into
additional manufacturing and other contracts with Magna or tier-one
suppliers in order to execute on its business plan; the risk that
OEM and supply partners do not meet agreed-upon timelines or
experience capacity constraints; Fisker may experience significant
delays in the design, manufacture, regulatory approval, launch and
financing of its vehicles; Fisker's ability to execute its business
model, including market acceptance of its planned products and
services; Fisker's inability to retain key personnel and to hire
additional personnel; competition in the electric vehicle market;
Fisker's inability to develop a sales distribution network; and the
ability to protect its intellectual property rights; and those
factors discussed in Fisker's Annual Report on Form 10-K, under the
heading "Risk Factors", filed with the Securities and Exchange
Commission (the "SEC"), as supplemented by Quarterly Reports on
Form 10-Q, and other reports and documents Fisker files from time
to time with the SEC. Any forward-looking statements speak only as
of the date on which they are made, and Fisker undertakes no
obligation to update any forward-looking statement to reflect
events or circumstances after the date of this press release.
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version on businesswire.com: https://www.businesswire.com/news/home/20230928283151/en/
European Media: Press.europe@fiskerinc.com
US Media Fisker@GODRIVEN360.com
Customer service: Support@fiskerinc.com
Fisker Inc. Communications:
Matthew DeBord Sr Director, Communications Strategy &
Storytelling mdebord@fiskerinc.com
Franziska Queling Regional Head of Public Relations Europe
fqueling@fiskerinc.com
Investor Relations: Frank Boroch, VP of Investor
Relations fboroch@fiskerinc.com
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