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Why Fisker Stock Crashed Today
Shares of start-up electric car company Fisker (NYSE: FSR) were suffering from an 8.6% sell-off at 11:15 a.m. EDT on Thursday. Capitalizing on the strong share-price surge that followed Morgan Stanley’s announcement, Fisker made an announcement of its own after the close of trading last night: It is selling $600 million worth of convertible senior notes due in 2026 in a private offering, and perhaps as much as $690 million worth of these notes if buyers exercise an overallotment option. On the one hand, these notes are debt, and Fisker will have to pay interest.
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