Electric car maker Fisker to go public through SPAC deal at $2.9 billion valuation
Electric car maker Fisker will go public through a merger with a blank check company backed by private equity firm Apollo Global Management Inc at a valuation of $2.9 billion, the companies said on Monday.
Reuters reported last week that the special purpose acquisition company, Spartan Energy Acquisition Corp , was leading a bidding war among blank-check companies for Fisker.
Spartan's shares rose 19.4% in premarket trade.
The deal will provide Fisker with $1 billion in gross proceeds, including $500 million of funds from existing and new investors such as AllianceBernstein and BlackRock Inc .
The proceeds will be used to bring the company's first product, the Fisker Ocean, to production in late-2022.
Henrik Fisker, a one-time Aston-Martin designer, launched the eponymous Los Angeles-based company in 2016, and plans to begin selling the Fisker Ocean luxury electric SUV at a starting price of $37,500.
"Prototype vehicles are expected to start durability testing by the end of this year," Fisker said in a statement.
His previous automotive venture, Fisker Automotive, filed for bankruptcy in 2013 after burning through $1.4 billion in private investments and taxpayer-funded loans.
A SPAC uses proceeds from its IPO, together with borrowed funds, to acquire a company, typically within two years.
SPACs have been behind some of the most high-profile public listings of the last 12 months, including peer Nikola Corp , which went public last month, as investors place bets on which startup will be the next Tesla Inc .
Nikola shares are up more than 60% since their debut.
1.The news above mentioned with detailed source are from internet.We are trying our best to assure they are accurate ,timely and safe so as to let bearing users and sellers read more related info.However, it doesn't mean we agree with any point of view referred in above contents and we are not responsible for the authenticity. If you want to publish the news,please note the source and you will be legally responsible for the news published.
2.All news edited and translated by us are specially noted the source"CBCC".
3.For investors,please be cautious for all news.We don't bear any damage brought by late and inaccurate news.
4.If the news we published involves copyright of yours,just let us know.
Next Tesla taps brake on massive stock rally
BRIEF INTRODUCTION
Cnbearing is the No.1 bearing inquiry system and information service in China, dedicated to helping all bearing users and sellers throughout the world.
Cnbearing is supported by China National Bearing Industry Association, whose operation online is charged by China Bearing Unisun Tech. Co., Ltd.
China Bearing Unisun Tech. Co., Ltd owns all the rights. Since 2000, over 3,000 companies have been registered and enjoyed the company' s complete skillful service, which ranking many aspects in bearing industry at home and abroad with the most authority practical devices in China.
