Shares of California-based Fisker Inc. (NYSE:FSR) continue to decline Tuesday after the company announced a successful closing of its convertible notes offering of $170M to an undisclosed institutional investor.
The notes were initially sold at a discount of around 12%, generating $150,000,000 in total funds for Fisker. The transaction with the investor was finalized, and Fisker received the funds on Friday, September 29th.
The electric automaker saw shares plunge as much as 2.11% Tuesday morning before recovering.
Fisker announced in a press release last week that the company is expecting a ramp-up in deliveries to 300 EVs per day in the U.S. and Europe. The EV company has s built 5,000 Fisker Ocean SUVs and delivered over 900.
Shares of FSR are down 0.30% in afternoon trading Tuesday.