Fisker enters forbearance on $180.5M notes, appoints CRO amid default

Fisker Inc./DE

Forbearance with noteholder CVI Investments until May 1, 2024; extends prior forbearance that expired April 21.
$180.55M outstanding principal on 0% senior convertible notes; defaults include trading suspension, missed installment payments.
Michael Healy (FTI Consulting) appointed CRO; replaced by John DiDonato if noteholder doesn't accept offer by April 25.
Company restricted to operating under approved budget; director Mark Hickson resigned April 16.
Forbearance Default triggers include any new Event of Default, bankruptcy filing, or failure to meet information requests by April 26.

item 1.01 item 5.02 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Appointed

Michael Healy

Chief Restructuring Officer

Fisker Inc./DE

Effective: 2024-04-21
Filed: April 22, 2024, 7:59 PM ET

On April 21, 2024, the Board appointed Michael Healy as Chief Restructuring Officer of the Company.

Departed

Mark E. Hickson

Director

Fisker Inc./DE

Effective: 2024-04-16
Filed: April 22, 2024, 7:59 PM ET

On April 16, 2024, Mark E. Hickson resigned from the Board and the Audit Committee of the Board.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Michael Healy was appointed as Chief Restructuring Officer at Fisker Inc./DE.

Action: appointed
Role: Chief Restructuring Officer

Exact text from the filing

On April 21, 2024, the Board appointed Michael Healy as Chief Restructuring Officer of the Company.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Mark E. Hickson resigned as Director at Fisker Inc./DE.

Action: resigned
Role: Director

Exact text from the filing

On April 16, 2024, Mark E. Hickson resigned from the Board and the Audit Committee of the Board.

View on SEC.gov

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

Fisker Inc./DE entered into Forbearance Agreement with the Investor (effective 2024-04-21).

Action: entry
Counterparty: the Investor
Effective: 2024-04-21

Exact text from the filing

(the “Company”) entered into a Securities Purchase Agreement (as amended, modified, and waived from time to time, the “Securities Purchase Agreement”) with an institutional investor (the “Investor”) pursuant to which the Company agreed to sell, and the Investor agreed to purchase, 0% senior convertible notes due 2025 (the “Series A-1 Notes”) in a registered direct offering.

View on SEC.gov

419 material agreements filed in the last 30 days. Browse all material agreements →

Source: SEC EDGAR

accession 0001193125-24-105061

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