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Fisker has announced that they have completed their business combination with Spartan Energy Acquisition Corp. (“Spartan”) (NYSE:SPAQ) and they will begin trading on NYSE as "FSR" starting today (October 30th).
If anyone wants to expand their portfolio now is the time.
“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. 28, 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 .
If anyone wants to expand their portfolio now is the time.
FISKER INC. CLOSES BUSINESS COMBINATION; WILL BEGIN TRADING ON THE NYSE AS “FSR” ON OCTOBER 30, 2020
LOS ANGELES (Oct. 29, 2020) – 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. 28, 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 .
