On January 21, 2024, Fisker (NYSE: FSR) and an institutional investor (the “Investor”) that holds the Company’s outstanding 0% senior secured convertible notes due 2025 (the “Notes”) entered into a Second Amendment and Waiver Agreement (the “Second Waiver”), pursuant to which, among other things:
(i) in connection with one or more future transactions with a strategic automotive partner, the Company has secured a release of all liens previously
granted to the Investor on the intellectual property required by any such transactions;
(ii) all financial covenants relating to the Company’s cash reserves were waived, and such unrestricted cash is now available for use in the operations
of the Company; and
(iii) the Company obtained a waiver of the use by the Investor of any remaining remedies arising from the Company’s previous late filing of its
quarterly report on Form 10-Q for the quarter ended September 30, 2023