LONDON — Aston Martin said it may need to tap into high-interest notes it was trying to avoid drawing down, even after a capital infusion of up to 536 million pounds ($663 million) from a group led by billionaire Lawrence Stroll.
The automaker does not have sufficient working capital based on European Securities and Markets Authority rules because the coronavirus has created “increased and unquantifiable uncertainty” in its business, Aston Martin said.
That has made it impossible to come up with a model for a “reasonable worse case downside,” the company said.
Aston Martin, which has struggled with cash flow and dealer-inventory back-ups since going public in 2018, had hoped that the fundraising approved by shareholders on Monday would avoid the need to seek additional money. But the coronavirus crisis has added a level of difficulty to the turnaround put in place with Stroll’s arrival.
“Taking into account the proceeds of the capital raise, the company is of the opinion that…