Fisker Inc. Closes Business Combination; Will Begin Trading on the NYSE as “FSR” on October 30, 2020
October 29 2020 - 6:28PM
Business Wire
Fisker Inc. (“Fisker”), a developer of the world’s most
emotionally desirable, eco-friendly electric vehicles, announced
today that it has completed its business combination (“Business
Combination”) with Spartan Energy Acquisition Corp. (“Spartan”)
(NYSE:SPAQ), a special purpose acquisition company sponsored by an
affiliate of Apollo Global Management, Inc. (NYSE:APO). Spartan
stockholders approved the business combination in a special meeting
held on Oct. 28, 2020. On Oct. 30, 2020, the combined company’s
Class A common stock and public warrants are expected to commence
trading on the New York Stock Exchange (“NYSE”) under the ticker
symbols “FSR” and “FSR WS,” respectively.
“All the external pieces are now in place to execute our unique,
asset-light business strategy, with today’s funding and the
strategic cooperation announced with Magna on Oct. 15,” commented
Fisker Chairman and Chief Executive Officer, Henrik Fisker. “We can
now fully turn our attention to developing and launching the
revolutionary, all-electric Fisker Ocean into the heart of the
midsize SUV market, expected to commence in Q4 2022. We appreciate
the confidence from all our shareholders and intend to deliver on
our stated goals.”
As a result of the completion of the transaction, Fisker expects
to have in excess of $1.0 billion (net of transaction fees and
expenses) of cash on the balance sheet and no funded debt. This
amount is expected to fully fund Fisker operations and the
development of the Fisker Ocean program through the planned start
of production in Q4 2022.
The Fisker Ocean has been designed to be the world’s most
sustainable vehicle, including extensive use of environmentally
friendly and recycled materials. The model is also digitally
focused, reflected through innovative features delivered
“over-the-air,” a groundbreaking user interface / user experience
and an ownership experience that can be fully managed through the
Fisker Flexee app. A strategic cooperation with Magna International
supports the co-development and manufacture of the vehicle
projected to launch in Q4 2022.
The Ocean will be assembled by Magna in Europe and is poised to
deliver class-leading range, interior space (with optional
third-row seating) and overall vehicle performance at a compelling
starting MSRP of $37,499. Joint engineering work with Magna is in
full gear after kicking off in September, with Fisker recently
announcing that a production-intent prototype will be unveiled at
the Los Angeles Auto Show in May 2021. Fisker has received
approximately 9,000 paid reservations as of Oct. 29, 2020,
following a meaningful increase in order rate over the last several
weeks. Fisker plans to increase organic marketing activities over
the course of 2021, which the company expects to result in the
continued increase to the order backlog.
About Fisker Inc.
California-based Fisker Inc. is revolutionizing the automotive
industry by developing the most emotionally desirable and
eco-friendly electric vehicles on Earth. Passionately driven by a
vision of a clean future for all, the company is on a mission to
become the No. 1 e-mobility service provider with the world’s most
sustainable vehicles. To learn more and to reserve the all-electric
Fisker Ocean, visit www.FiskerInc.com.
Forward Looking Statements
This press release includes forward-looking statements. These
statements are made under the “safe harbor” provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These statements
may be identified by words such as “feel,” “believes,” expects,”
“estimates,” “projects,” “intends,” “should,” “is to be,” or the
negative of such terms, or other comparable terminology.
Forward-looking statements are statements that are not historical
facts. Such forward-looking statements are not guarantees of future
performance and are subject to risks and uncertainties, which could
cause actual results to differ materially from the forward-looking
statements contained herein due to many factors, including, but not
limited to: Fisker’s limited operating history; Fisker’s ability to
enter into platform and manufacturing contracts with Magna
International Inc., or other OEMs or tier-one suppliers in order to
execute on its business plan; Fisker’s ability to execute its
business model, including market acceptance of its planned products
and services; Fisker’s inability to retain key personnel and to
hire additional personnel; competition in the electric vehicle
market; Fisker’s inability to develop a sales distribution network;
and the ability to protect its intellectual property rights. Any
forward-looking statements speak only as of the date on which they
are made, and Fisker undertakes no obligation to update any
forward-looking statement to reflect events or circumstances after
the date of this press release.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20201029006346/en/
Fisker Inc. Simon Sproule, VP, Communications 310.374.6177
Fisker@GoDRIVEN360.com
Dan Galves, VP, Investor Relations dgalves@fiskerinc.com
FiskerIR@icrinc.com
Fisker (NYSE:FSR)
Historical Stock Chart
From May 2024 to Jun 2024
Fisker (NYSE:FSR)
Historical Stock Chart
From Jun 2023 to Jun 2024