US-based luxury electric vehicles maker Fisker Inc. has raised $150 million in funding from existing institutional investor through the issue of convertible bonds with an additional $550 million in funding available.
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”),” the company said in a release.
As a result of the Purchase Agreement Amendment, Fisker said it may offer up to an additional $623 million 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 round follows the previous convertible notes offering of $340 million
The new funding round follows a previously announced convertible notes offering of $340 million in aggregate principal amount in July 2023 by Fisker to the unnamed investor.
According to Fisker, the raised capital will be utilized to accelerate deliveries, expand growth, and expedite its vehicle programs.
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.
Fisker’s future products
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 the Fisker Force-E offroad package for the Ocean SUV.
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.
Also Read:
Vertiv partners with Ambani’s JioMart to expand its presence in India