Fisker formally goes public, on track for 2022 manufacturing

Fisker has officially gone general public, dealing on the New York stock market under “FSR” by Friday, the company announced recently. It had been taken general public within a merger/acquisition by Spartan Energy Acquisition Corp.

“all of the outside pieces are actually in position to perform our unique, asset-light company strategy, with today’s money plus the strategic cooperation announced with Magna on Oct. 15,” said Fisker Chairman and Chief Executive Officer, Henrik Fisker, inside company’s announcement. “We can now completely turn our awareness of developing and releasing the newest, all-electric Fisker Ocean to the heart regarding the midsize SUV market, expected to commence in Q4 2022. We appreciate the confidence from all our investors and intend to deliver on our reported objectives.”

Fisker announced the other day that auto supplier Magna will provide the car platform and build the electric carmaker’s Ocean SUV. Included in the deal, Magna will receive warrants to purchase a stake all the way to 6per cent in Fisker, providing the EV manufacturer an overall valuation around $3 billion, Fisker leader Henrik Fisker told Reuters.

“because of the conclusion for the transaction, Fisker expects to possess over $1.0 billion (net of transaction charges and expenses) of money on stability sheet with no funded financial obligation. This amount is expected to completely fund Fisker operations while the growth of the Fisker Ocean system through the in the offing start of production in Q4 2022.”

Fisker, which is merging with Spartan Energy Acquisition Corp, said it had finalized a deal with Canada’s Magna to create the Ocean in Europe, marking the Canadian supplier’s first entry into agreement manufacturing for an EV startup. While Magna has generated automobiles for conventional automakers consistently, analysts and investors have speculated it could in the course of time build for technology companies like Apple.

Fisker stock was up significantly more than 10per cent in its very first day of trading (by book time).

This short article contains reporting by Reuters.

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