Fisker Inc., a California-based company focused on creating sustainable electric vehicles, has successfully raised $170 million through a convertible notes offering. This comes as part of the company’s mission to revolutionize the automotive industry by designing and developing environmentally friendly mobility solutions.
The offering, which involved the sale of 0% senior unsecured convertible notes due 2025, was completed on September 29, 2023. An institutional investor purchased the notes, resulting in gross proceeds of $150 million for Fisker. The notes were sold under a previously announced Securities Purchase Agreement, with an original issue discount of approximately 12%.
In addition to the $170 million raised, Fisker is now eyeing an additional $550 million in funding. The company has the opportunity to offer up to $623.3 million in aggregate principal amount of 0% senior unsecured convertible notes, thanks to an amendment to the Securities Purchase Agreement. These additional notes would also have an original issue discount of approximately 12%, potentially generating gross proceeds of up to $550 million.
Fisker Inc. is driven by a vision of creating the world’s most sustainable and emotional electric vehicles. The company is committed to aligning individual mobility with nature, with a focus on developing clean and environmentally friendly transportation options. Fisker’s goal is to deliver not only sustainable vehicles but also ones that evoke a powerful emotional response.
While this recent fundraising success is a positive development for Fisker, it’s important to note that forward-looking statements are subject to risks and uncertainties. The company’s limited operating history, ability to secure manufacturing contracts and launch its vehicles, competition in the electric vehicle market, and other factors could impact its future performance.
Nevertheless, Fisker remains determined to advance its business model, gain market acceptance for its products, develop a sales distribution network, and protect its intellectual property rights. The company’s ongoing efforts to create sustainable and emotional electric vehicles have the potential to contribute to the transition towards a cleaner transportation future.
