Fisker Inc Terminates Distribution Agreement and Prepares for Financial Stability and Growth
Roberto Liccardo by Roberto Liccardo July 14, 2023
Fisker Inc., an innovative electric car manufacturer, has made a significant decision that will impact its future operations. In a recent filing with the Securities and Exchange Commission (SEC), the company announced the termination of its Distribution Agreement. This agreement allowed Fisker Inc. to sell shares of its Class A Common Stock through an “At The Market” Equity Offering Program. As a result of this termination, any further share offerings will be discontinued.
One notable development for Fisker Inc. is the upcoming closure of a $340 million convertible notes offering. This offering is expected to conclude on July 11, 2023, and will undoubtedly contribute to the company’s financial stability and growth.
In the past, Fisker Inc. successfully issued 14,491,359 shares of Class A common stock during the nine months leading up to September 30, 2022. These shares generated impressive gross proceeds of $132.5 million, showcasing the market’s confidence in the company’s potential.
Fisker Inc.’s journey to success has not been without its challenges. The company faced a setback in 2012 when production was suspended due to the bankruptcy of its battery supplier, A123 Systems. Despite this obstacle, Fisker Inc. managed to sell approximately 2,000 vehicles worldwide before the unfortunate turn of events.
Overall, Fisker Inc. has established itself as a prominent player in the electric car industry. With its recent financial endeavors and a commitment to innovation, the company is poised for a bright future in the ever-evolving world of sustainable transportation.
Bullish
