Fisker Raises Additional Growth Capital From Existing Investor; Funding Is $150 Million, With an Additional $550 Million Available
- Fisker aims to raise $170M in convertible notes to support growth and vehicle programs
- Capital infusion will accelerate deliveries and expand Fisker's presence
- None.
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
The new investment round follows a previously announced convertible notes offering of
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
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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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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
Source: Fisker Inc.
