Fisker (NYSE:FSR) stock is in the news Friday after the electric vehicle (EV) company raised $150 million from an existing investor.
According to the EV company’s press release, it issued $170 million worth of 0% senior unsecured convertible notes due 2025 to an existing institutional investor. The notes were offered at a 12% discount, which is why the total raised comes to $150 million.
In addition to this, Fisker notes it also has the option to offer another $623,333,334 in 0% senior unsecured convertible notes. Yet again, this would include a 12% discount, which would see it raise $550 million if it exercised this option.
Fisker notes that the new funding it has secured will allow the company to continue its operations. It plans to use the money “to accelerate deliveries, expand growth, and expedite the company’s vehicle programs.”
How This Affects FSR Stock
Investors aren’t reacting much following the news of this fundraising from Fisker. As of this writing, more than 4 million shares of the stock have changed hands. That’s about half of the company’s daily average trading volume of about 8.8 million shares.
FSR stock is largely unmoved as of Friday morning. Investors will also note that FSR shares are down 6.9% since the start of the year.
Investors who are looking for even more of the most recent stock market news worth reading about today are in luck!
We have all of the biggest stock market stories that traders will want to know about on Friday! Among them is GigaCloud Technology (NASDAQ:GCT) stock getting hit by a short report, what has Chinese stocks heading higher, as well as a warning for GameStop (NYSE:GME) employees from its new CEO. You can read up on all of these matters at the following links!
More Friday Stock Market News
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- GME Stock Alert: Ryan Cohen Issues Warning to GameStop Employees
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
