EV Maker Fisker To Make NYSE Trading Debut Today After SPAC Merger

Electric vehicle maker Fisker Inc announced Thursday it has completed a reverse merger with the blank check company Spartan Energy Acquisition Corp SPAQ 0.11%.

What Happened: Both companies will merge in a business combination to create a new entity whose Class A common stock will list on the New York Stock Exchange under the symbol “FSR.” Through the reverse merger, has gained access to $1 billion in cash inflows.

Spartan is funded by an affiliate of giant Apollo Global Management Inc. APO 2.77%.

With the funding and strategic tie-ups in place, CEO and Chairman Henrik remarked, “ 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.”

Earlier this month, and Magna International MGA 0.56% partnered to manufacture the all-electric SUV model Ocean, and production is expected to commence towards the end of 2022.

Why Does It Matter: Special Purpose Acquisition Companies or are gaining more traction in the segment.

Lordstown Motors Corp merged with  Holdings Corp DPHC in August. Stocks of the merged entity are listed on Nasdaq under the symbol RIDE, which gained 5% during Thursday’s trading hours.

In early June,  Corp NKLA 7.48% announced a merger with SPAC VectoIQ.

Price Action: After a 2.61% fall during Thursday’s trading session, SPAQ gained 1.79% in the after-hours to close at $9.12.

Source: Benzinga – EV Maker Fisker To Make NYSE Trading Debut Today After SPAC Merger