Shares of electric-vehicle maker Fisker Inc. FSR, -12.79% traded lower Tuesday, after the company said it entered an at-the-market distribution agreement for up to $350 million of its common stock.
Shares fell 13% to close at $9.61. Volume at the time topped 10.8 million shares, above the stock’s 65-day average volume of just under 7 million shares.
Fisker said net proceeds from the offering would be used for development of the Fisker Personal Electric Automotive Revolution, additional vehicle development, and other purposes.