Fisker enters forbearance on $182.65M notes after defaults; forbearance ends April 21

Fisker Inc./DE

Specified Defaults include NYSE trading suspension and missed $B-1 installment due March 29, 2024.
Forbearance runs April 4–21, 2024; noteholder can accelerate notes if Forbearance Default occurs.
$500k forbearance fee: $250k cash + $250k PIK added to principal of Notes pro rata.
Noteholder retains conversion rights at lowest Conversion Price; company acknowledges $182.65M principal due.
Company also faces potential default on $2026 Notes if interest not paid by April 14.

item 1.01 item 2.04 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Fisker Inc./DE entered into Forbearance Agreement with the Investor (effective 2024-04-04).

Action: entry
Agreement: credit facility
Counterparty: the Investor
Effective: 2024-04-04

Exact text from the filing

On April 4, 2024, the Company, certain subsidiaries of the Company who are guarantors of the Notes (the “Guarantors” and together with the Company, the “Obligors”) and the Investor (in its capacity as collateral agent and noteholder) entered into a Forbearance Agreement

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Source: SEC EDGAR

accession 0001193125-24-087419

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