Electric Vehicle maker Fisker Inc FSR is planning to offer $170 million in aggregate principal amount of 0% senior unsecured convertible notes due 2025 to an existing institutional investor.
The notes will have an original issue discount of approximately 12%, resulting in gross proceeds of $150 million to Fisker.
The notes are being sold pursuant to a previously announced Securities Purchase Agreement, dated July 10, 2023, between the company and the investor.
As a result of the purchase agreement amendment, Fisker may now offer up to an additional $623.3 million in aggregate principal amount of 0% senior unsecured convertible notes.
The notes will have an original issue discount of approximately 12%, resulting in additional gross proceeds of up to $550 million to Fisker.
The new investment round follows a previously announced convertible notes offering of $340 million in July 2023 by Fisker to the investor.
Fisker expects the capital to enable it to accelerate deliveries, expand growth, and expedite vehicle programs.
Also Read: Fisker's Electric Surge: Aiming For A Whopping 300 Daily Deliveries In US And Europe
Price Action: FSR shares are trading higher by 1.17% at $6.47 on the last check Friday.
Photo Via Company
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
