Fisker’s bold move to secure funding and expedite customer deliveries bolsters shareholder confidence.
In a bold move that reassures its shareholders, Fisker announced today its intention to secure additional capital to support its ambitious growth plans. The company is strategically positioning itself in the thriving electric vehicle market by focusing on expanding its battery pack capacity and driving growth in 2024. With a clear goal of strengthening its competitive advantage and capturing a larger market share, Fisker’s plans have alleviated concerns among shareholders who were uncertain about the funding of upcoming projects such as the PEAR, RŌNIN, and Alaska pickup truck. This also gives the company solid footing as it ramps production and begins customer deliveries of the Fisker Ocean.
Fisker Boosts Investor Confidence
The announcement has had an immediate impact on Fisker’s stock price, which experienced a significant surge. Fisker’s stock closed the day at $7.03 per share, representing a $1.03 (+17.17%) increase. This surge is a testament to investor confidence and marks an exciting new chapter for the company and its shareholders. It is worth noting that the last time Fisker shares reached a price above $7.00 was on March 8th, 2023. However, despite this positive development, shares are still down approximately 3.3% since the beginning of the year.
Fisker’s outlined plans include a capital raise of $340 million through convertible debt from an unnamed institutional investor. According to Fisker, the convertible debt will have an initial conversion price of $7.80 per share. Moreover, Fisker has the option to increase this amount to $680 million. This fresh infusion of capital will supplement the company’s existing cash balance of $652.5 million, as reported during the Q1 2023 earnings release. We expect to hear more about this capital raise on August 4th when Fisker reports Q2 2023 earnings results.
Expediting Fisker Ocean Deliveries
Over the weekend, Henrik Fisker assured Fisker Ocean order and reservation holders that his company is now prepared to expedite deliveries on a faster timetable. Fisker acknowledged that there may still be waiting periods due to the need to catch up on deliveries. The company needs to work through logistical considerations before it can provide its customers exact delivery dates. Henrik promised continuous improvement in their processes and a commitment to be more accurate in fulfilling delivery expectations as they make progress. He emphasized that teams worldwide are working tirelessly day and night to deliver the Fisker Oceans as soon as possible.
Reserve Your Fisker Ocean
Reserve your Fisker Ocean, PEAR, Alaska, or Ronin at https://fiskerinc.com/reserve using referral code DDK87H.
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