1 minute read | September.29.2023
Electric vehicle startup Fisker has announced plans to offer $170 million in unsecured convertible notes with an original issue discount of about 12 percent to an institutional investor. That will result in gross proceeds of $150 million to Fisker.
Orrick represented Fisker.
The company also announced an amendment to a Securities Purchase Agreement between the company and the investor. Under the amendment, Fisker may offer an additional $623.3 million in unsecured notes, which would result in additional gross proceeds of up to $550 million.
Fisker is driven by a mission to create the world’s most emotional and sustainable electric vehicles.
Based in California, the company is “revolutionizing the automotive industry by designing and developing individual mobility in alignment with nature.”
In July, Fisker closed on $340 million in unsecured convertible notes with an original issue discount of 12 percent, resulting in $300 million in gross proceeds. Orrick represented Fisker in that transaction, too.
Fisker said the new capital will help it accelerate deliveries, expand growth, and expedite the company’s vehicle programs.
Orrick’s Albert Vanderlaan, Elitsa Angelova, Whitney Rosser, Peter Elias and Travis Cherry advised Fisker.