Written by Cláudio Afonso | [email protected] | LinkedIn | X
In a new SEC filing filed on Wednesday, Fisker announced an agreement reached with an investor to extend the deadline to May 17.
Additionally, the company disclosed that received a letter from investors who claim to hold more than 25% of the 2026 Notes, demanding immediate payment of all principal and accrued interest.
The investors claim the default occurred last week, on May 3, mentioning Fisker missed an interest payment due on March 15, and this failure lasted for more than 30 days.
“Under the 2026 Notes Notice, the investors purported to accelerate, effective as of May 3, 2024, 100% of the principal of, and accrued and unpaid interest on, the 2026 Notes as a result of the occurrence and continuance of an “Event of Default” under the 2026 Notes Indenture in connection with the failure by the Company to make a required interest payment due on the 2026 Notes (previously due on March 15, 2024) and such failure continuing for more than 30 days,” Fisker stated in the 8k filing.
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The EV startup says it answered the investors on Tuesday, May 7, stating that they failed to provide evidence that they either directly held the notes as required or were acting as agents for registered holders therefore rejected the demand for immediate payment.
However, the company mentioned that would reconsider if the investors provide evidence of holding the notes directly or proper authorization from registered holders.
“The Company further notified the 3 investors that it will reevaluate a future notice and demand to the extent such investors provide evidence of holding the requisite 2026 Notes on the Notes Register or a written evidence of proxy of the requisite registered Holders,” per the 8k filing.
Earlier this week, Fisker’s entity in Austria (Fisker GmbH) announced that it had voluntarily filed to open a restructuring proceeding via self-administration under the Austrian Insolvency Code.
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This proceeding will allow Fisker Austria to continue its operations under court protection, including paying employees and selling vehicles, while it pursues a strategic transaction or other sale of assets.
The company and its other subsidiaries are not included in the Austrian restructuring proceeding and continue to operate in the ordinary course, as reported by EV.
The EV startup is in the process of closing its Manhattan Beach headquarters relocating the employees to its La Palma office, three sources familiar with the matter disclosed to Business Insider.
Written by Cláudio Afonso | [email protected] | LinkedIn | X
