Fisker Continues Decline Following Successful Convertible Notes Offering

Shares of California-based Fisker Inc. continue to decline following the company’s announcement of a successful closing on its convertible notes offering of $170 million, which was secured from an undisclosed institutional investor.

The notes were initially sold at approximately a 12% discount, generating a total of $150 million for Fisker. The transaction with the investor was finalized, and the company received the funds on Friday, September 29th.

On Tuesday morning, the electric automaker experienced a decline in its shares, plunging as much as 2.11% before making a recovery.

Last week, Fisker released a statement indicating that it anticipates ramping up deliveries to 300 electric vehicles per day in the U.S. and Europe. The company has built 5,000 Fisker Ocean SUVs and has delivered over 900 units to date.

As of Tuesday afternoon, Fisker’s shares were down 0.30%.