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Fisker | 8-K: Entered into a Financing Commitment and an Amendment and Waiver Agreement and Management Update Presentation

SEC announcement ·  Mar 18 07:49
Summary by Moomoo AI
On March 18, 2024, Fisker Inc., a Delaware-incorporated electric vehicle company, entered into a significant financing agreement with an unnamed investor. The deal involves the sale of up to $166.67 million in senior secured convertible notes, which will be issued in four tranches, with the first tranche amounting to $35 million. These notes will mature within three months of issuance or by July 31, 2024, whichever comes first, and are convertible into shares of Fisker's Class A common stock at a conversion price determined by the market price on the signing date of the securities purchase agreement (SPA). The notes will accrue interest at a rate of 3-month SOFR plus 12% per annum, with additional fees applicable to undrawn investment amounts. The financing is secured...Show More
On March 18, 2024, Fisker Inc., a Delaware-incorporated electric vehicle company, entered into a significant financing agreement with an unnamed investor. The deal involves the sale of up to $166.67 million in senior secured convertible notes, which will be issued in four tranches, with the first tranche amounting to $35 million. These notes will mature within three months of issuance or by July 31, 2024, whichever comes first, and are convertible into shares of Fisker's Class A common stock at a conversion price determined by the market price on the signing date of the securities purchase agreement (SPA). The notes will accrue interest at a rate of 3-month SOFR plus 12% per annum, with additional fees applicable to undrawn investment amounts. The financing is secured by substantially all of Fisker's assets and properties, and the company's subsidiaries will guarantee the notes. This move comes as Fisker faces substantial doubt about its ability to continue as a going concern, having used $906.3 million in cash in 2023 and reducing its cash balance significantly. The company is also in default under its 2025 Notes due to a failure to timely file its Form 10-K and did not make a required interest payment on its 2026 Notes, although it has a 30-day grace period to remedy this. Fisker is actively seeking additional funding and strategic partnerships to improve its financial situation and continue operations.

This announcement is a separate document:

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