July 13, 2020 / 11:51 AM / a month ago

EV maker Fisker to go public by merging with blank check firm at $2.9 bln valuation

July 13 (Reuters) - 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 $2.9 billion valuation, 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.

The proceeds are expected to be used to bring the company’s first product, the Fisker Ocean, to production in late-2022.

The deal mirrors that of peer Nikola Corp, which went public last month, as investors place bets on which startup will be the next Tesla Inc. (Reporting by C Nivedita; Editing by Sriraj Kalluvila)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below