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American automotive firm Fisker Inc. is set to generate as much as $350 million through an at-the-market equity program, which it intends to use for the Fisker Personal Electric Automotive Revolution (PEAR).
Source: Fisker Inc.
FSR is down 14.25%, while PBW is down 4.80%.
Fisker partnered with JP Morgan Securities LLC and Cower and Company LLC as sales agents under the at-the-market distribution agreement for the sale of Class A Common Stock par value of $0.00001.
The company said the proceeds will mainly be for Fisker’s PEAR and the development of additional vehicles, retail, and additional technology, along with general corporate purposes.
Fisker did not provide a timeline for the intended equity program, with the volume and timing to be determined at the sole discretion of the company’s management and in accordance with the terms of the Distribution Agreement.
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