Fisker Raises Additional Capital From Existing Investor; Funding Is $3.456 Million; Potential to Increase to $7.5 Million
14 May 2024 - 6:15AM
Business Wire
Fisker Inc. (“Fisker”), driven by a mission to create the
world’s most emotional and sustainable electric vehicles, announced
today the signing of a securities purchase agreement in connection
with an offering (the “Offering”) of $3,456,000 in aggregate
principal amount of senior secured notes due 2024 (the “Notes”) to
an existing institutional investor (the “Investor”), resulting in
gross proceeds of $3,456,000 to Fisker and the potential to
increase the aggregate principal amount of the Notes to $7,500,000.
The Notes bear interest at a rate per annum equal to the
three-month Secured Overnight Financing Rate plus 12%.
The Offering closed on May 10, 2024.
Fisker intends to use the gross proceeds from the Offering to
finance expenses consistent with the approved budget approved by
the Investor.
The Notes will mature on June 24, 2024.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any of the securities described
herein, nor shall there be any sale of these securities in any
state or jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
Further information about the Offering is contained in our Form
8-K filed with the SEC concurrently with this press release.
About Fisker Inc.
California-based Fisker Inc. is revolutionizing the automotive
industry by developing the most emotionally desirable and
eco-friendly electric vehicles on Earth. Passionately driven by the
vision of a clean future for all, the company is on a mission to
become the No. 1 e-mobility service provider with the world's most
sustainable vehicles. To learn more, visit www.FiskerInc.com – and
enjoy exclusive content across Fisker's social media channels:
Facebook, Instagram, Twitter, YouTube, and LinkedIn.
Download the revolutionary new Fisker mobile app from the App
Store or Google Play store.
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 Offering 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
or future events 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 continue as a going concern; Fisker's ability
to enter into additional manufacturing and other contracts with
Magna, OEMs, 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 or dealership 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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Fisker Inc. Communications:
Matthew DeBord VP, Communications mdebord@fiskerinc.com
Investor Relations:
Eric Goldstein Head of Investor Relations
egoldstein@fiskerinc.com
US Media Fisker@GODRIVEN360.com
European Media: Press.europe@fiskerinc.com
Customer service: Support@fiskerinc.com