Fisker Inc./DE: debt financing — Fisker raises $3.456M in senior secured notes due June 24; potential to increase to $7.5M

Fisker Inc./DE

Issued $3.456M principal senior secured notes to existing institutional investor, closed May 10, 2024.
Notes mature June 24, 2024; interest rate = 3-month SOFR + 12% (default rate 15%).
Gross proceeds used per approved budget; potential for additional $4.044M in Additional Notes.
Company must deliver a liquidation plan to investor by May 23, 2024; retains chief restructuring officer.
Notes secured by substantially all assets; covenants restrict indebtedness, liens, dividends, and asset sales.

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 senior notes of $3,456,000 in aggregate principal amount of senior secured notes due 2024 with holder of the 0% senior convertible notes due 2025 (the "Investor") at three-month Secured Overnight Financing Rate plus 12.0% maturing June 24, 2024.

Instrument: senior notes
Principal: $3,456,000 in aggregate principal amount of senior secured notes due 2024
Counterparty: holder of the 0% senior convertible notes due 2025 (the "Investor")
Rate: three-month Secured Overnight Financing Rate plus 12.0%
Maturity: June 24, 2024
Event: incurrence

Exact text from the filing

pursuant to which the Company agreed to sell, and the Investor agreed to purchase, $3,456,000 in aggregate principal amount of senior secured notes due 2024 (the "Notes")

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

Fisker Inc./DE entered into Securities Purchase Agreement with the holder of the 0% senior convertible notes due 2025 (the "Investor") valued at $3,456,000 (effective 2024-05-10).

Action: entry
Agreement: notes offering
Counterparty: the holder of the 0% senior convertible notes due 2025 (the "Investor")
Value: $3,456,000
Effective: 2024-05-10

Exact text from the filing

On May 10, 2024, Fisker Inc. (the “Company,” “we,” “us” or “our”) entered into a Securities Purchase Agreement (the “Securities Purchase Agreement”) with the holder of the 0% senior convertible notes due 2025 (the “Investor”) pursuant to which the Company agreed to sell, and the Investor agreed to purchase, $3,456,000 in aggregate principal amount of senior secured notes due 2024 (the “Notes”)

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Source: SEC EDGAR

accession 0001193125-24-137336

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