Fisker Inc./DE: debt financing — Fisker warns of going concern, misses $8.4M interest, secures $150M convertible note

Fisker Inc./DE

Missed $8.4M interest payment on 2.50% 2026 notes; 30-day grace period. Cross-default waived by 2025 note holder.
Failed to timely file 2023 Form 10-K; default under 2025 notes waived but remedy remains available.
Cash dropped to $120.9M as of March 15, 2024; used $906.3M in 2023 operating/investing activities.
Secured commitment for up to $150M net proceeds from senior secured convertible notes (10% OID). First tranche $35M subject to conditions.
NYSE notified Fisker of $1.00 minimum bid price non-compliance on Feb 15; six-month cure period.

item 1.01 item 2.04 item 7.01 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Fisker Inc./DE incurred convertible notes of up to $166.67 million in aggregate principal amount at 3-month SOFR plus 12% per annum maturing earlier of (i) three (3) months from the date of issuance of the First Tranche, (ii) the effective date of a registration statement for the primary sale of regi.

Instrument: convertible notes
Principal: up to $166.67 million in aggregate principal amount
Rate: 3-month SOFR plus 12% per annum
Maturity: earlier of (i) three (3) months from the date of issuance of the First Tranche, (ii) the effective date of a registration statement for the primary sale of regi
Event: incurrence

Exact text from the filing

providing for the sale of up to $166.67 million in aggregate principal amount of senior secured convertible notes

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Fisker Inc./DE reported a default on convertible notes.

Instrument: convertible notes
Event: default

Exact text from the filing

Fisker did not make a required interest payment of approximately $8.4 million payable in cash on March 15, 2024

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Fisker Inc./DE reported a default on convertible notes.

Instrument: convertible notes
Event: default

Exact text from the filing

the Company is in default under the covenant requiring the Company to timely file reports

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Fisker Inc./DE entered into Commitment with an investor valued at up to $166.67 million (effective 2024-03-18).

Action: entry
Agreement: notes offering
Counterparty: an investor
Value: up to $166.67 million
Effective: 2024-03-18

Exact text from the filing

On March 18, 2024, (the "Company" or "Fisker") entered into a financing commitment and term sheet (the "Commitment") with an investor (the "Investor") providing for the sale of up to $166.67 million in aggregate principal amount of senior secured convertible notes (the "2024 Notes").

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Source: SEC EDGAR

accession 0001193125-24-069658

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