Magna International reports a 9.8% stake in Fisker, Inc based on the right to acquire 19,474,454 shares through exercising warrants it holds.
Today, Magna International, an industry-leading supplier, technology partner, and manufacturer of premium high-quality vehicles, disclosed their ownership stake in Fisker, Inc. Magna is now reporting a 9.8% stake in Fisker based on the right to acquire 19,474,454 shares through exercising warrants it holds. This percentage is based upon shares outstanding plus warrants held by Magna International as of November 3rd, 2022.
Magna International’s Schedule 13G filing appeared on Fisker’s investor relations website earlier today. Magna last reported its Fisker stake on June 22, 2021 with 12,969,997 warrants. Other Schedule 13G filings this month include Fifthdelta (9.79%), Vanguard (8.53%), BlackRock (6.9%), and Moore Capital (4.8%). Schedule 13G is an SEC form that is used to report any changes to stock ownership which exceeds 5% of a company’s total stock.
Fisker partnered with Magna International in 2020 to build the Fisker Ocean through Magna Steyr in Graz, Austria. Fisker did this as part of their unique asset-light business model. The asset-light approach allows Fisker to be laser focused on design, development, and the sale of electric vehicles. As part of their partnership, Fisker issued Magna International warrants in their company that would vest upon achieving certain milestones.
Magna’s Vesting Schedule
Warrants were vested by Magna International based on achieving manufacturing milestones in connection with entering into a Cooperation Agreement. As of today’s filing, it appears Magna has now fully achieved all milestones as part of the agreement. The last of three milestones tied to the vesting schedule was start of pre-serial production.
| Milestone | Percentage of Warrants that Vest Upon Achievement | Number of Warrants that Vest Upon Achievement |
|---|---|---|
| (a) (i) Achievement of the “preliminary production specification” gateway as set forth in the Development Agreement; (ii) entering into the Platform Agreement; and (iii) entering into the Initial Manufacturing Agreement | 33.3 % | 6,484,993 |
| (b) (i) Achievement of the “target agreement” gateway as set forth in the Development Agreement and (ii) entering into the Detailed Manufacturing Agreement, which will contain terms and conditions agreed to in the Initial Manufacturing Agreement | 33.3 % | 6,484,993 |
| (c) Start of pre-serial production | 33.4 % | 6,504,468 |
| 100% | 19,474,454 |
Magna Steyr Production Line
Fisker Ocean painted in Night Drive being assembled on the Magna Steyr production line in Graz, Austria.
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