Fisker Inc. announced on Monday the completion of a deal to sell senior secured notes due 2025 to an existing institutional investor, raising $3.456 million, according to an 8K filing with the SEC.
The offering, finalized on May 10, has the potential to increase the aggregate principal amount of the notes to $7.5 million. This financial move is part of Fisker’s strategy to secure investment for restarting production and launching new products, including the Fisker Pear and the Alaska pickup truck, known as the Kayak in Europe.
“The proceeds from this offering will be used to finance various expenses in line with the budget approved by the investor,” Fisker stated, noting that these senior secured notes are set to mature on June 24, 2024.
Earlier today, Fisker reported it had sold out all inventory units of the Sport trim of its first model, the SUV Ocean, in the U.S. The company is also expanding its dealership network with three new locations: two in California (Newport in Orange County and San Jose) and one in New Jersey. This brings Fisker’s total number of U.S. dealerships to 15.
“These new dealerships will be operational soon, offering authorized sales of Fisker vehicles,” the EV startup said. Since January, Fisker has been transitioning from a direct sales model to a dealer partnership model, closing its New York showroom earlier this month as part of this shift.
Last Friday, the automaker shared images of new customers picking up cars at a dealership, indicating a growing customer base. In mid-February, Fisker revealed that over 250 dealers in North America and globally had expressed interest in selling its first production model, the Fisker Ocean.
In late March, Fisker began offering significant discounts on its 2023 inventory, reducing the price of the Extreme variant to $37,499 from $61,499, the Ultra variant to $34,999 from $52,999, and the Sport variant to $24,999 from $38,999.
Last week, an SEC filing revealed that Fisker had reached an agreement with an investor to extend a deadline until this Friday, May 17. Additionally, Fisker’s Austrian subsidiary, Fisker GmbH, announced it had voluntarily filed for a restructuring proceeding under self-administration via the Austrian Insolvency Code.
“This proceeding will allow Fisker Austria to continue its operations under court protection, including paying employees and selling vehicles, while it pursues a strategic transaction or other sale of assets,” the company stated.
