Fisker closes $170 million convertible note offering, can now offer up to additional $623.3 million

Fisker Inc. said Monday it has closed a $170 million additional offering of 0% convertible notes due 2025 to an institutional investor with the notes offering an original issue discount of about 12%. That resulted in gross proceeds for the EV company of $150 million. Under the terms of a purchase agreement amendment, Fisker can now offer up to an additional $623.3 million in similar notes with the same discount, giving the company additional gross proceeds of up to $550 million. The stock
FSR,
+0.31%
was slightly lower premarket and is down 11.7% in the year to date, while the S&P 500
SPX
has gained 11.7%.