| Item 1.03. |
Bankruptcy or Receivership. |
On June 17, 2024, Fisker Group Inc., a subsidiary of Fisker Inc. (“Fisker” or the “Company”), commenced a voluntary case under chapter 11 of title 11 of the United States Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”). On June 19, 2024, Fisker and its other subsidiaries in the United States (together with Fisker Group Inc., the “Debtors”) commenced voluntary cases under chapter 11 of title 11 of the Bankruptcy Code in the Bankruptcy Court. The Bankruptcy Court has granted a motion seeking joint administration of the cases commenced on June 17, 2024 and June 19, 2024 (the “Chapter 11 Cases”) under the caption In re: Fisker Inc., et al., Case No. 24-11390 (TMH).
The Debtors will continue to operate their businesses as “debtors in possession” under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and the orders of the Bankruptcy Court. To ensure their ability to continue operating in the ordinary course of business, the Debtors have filed with the Bankruptcy Court motions seeking, and the Bankruptcy Court has entered, a variety of “first day” relief, including authority to pay employee wages and benefits, and pay vendors and suppliers in the ordinary course for goods and services provided after the commencement of the Chapter 11 Cases. The Debtors also obtained an order to access cash collateral through June 28, 2024. The Bankruptcy Court will hold a further hearing on June 27, 2024 regarding the Debtors’ ability to further access to cash collateral.
| Item 2.04 |
Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement. |
The filing of the Chapter 11 Cases described in Item 1.03 above constitute an event of default that accelerated the Company’s obligations under the Company’s Senior Indenture, dated as of July 11, 2023, between the Company and Wilmington Savings Fund Society, FSB, as trustee (the “2026 Notes Indenture”), governing the Company’s 2.50% convertible senior notes due 2026 (the “2026 Notes”).
The 2026 Notes Indenture provides that upon the filing of the Chapter 11 Cases, the principal and interest due under the 2026 Notes shall automatically become due and payable. Any efforts to enforce such payment obligations under the 2026 Notes are automatically stayed as a result of the Chapter 11 Cases, and the creditors’ rights of enforcement in respect of the 2026 Notes are subject to the applicable provisions of the Bankruptcy Code.
The disclosure in Item 1.03 of this Current Report on Form 8-K is incorporated herein by reference.