CEO Henrik Fisker at the reveal of a preproduction Fisker EMotion in Las Vegas in 2018. The luxury sedan, expected for this year, has no firm launch date yet.
(Agence France-Presse/Getty Images)
Fisker Inc. shares rose more than 11% on Friday, their debut on the New York Stock Exchange, getting a boost by heightened investor interest in electric vehicles and in so-called blank-check companies despite broad market weakness.
Electric-car maker Fisker said late Thursday it had completed its reverse merger with a blank-check company backed by private-equity giant Apollo Global Management. APO, -2.64%
Related: Fisker is going public: Five things to know about the electric-car maker ahead of its IPO
The company said it expects to have more than $1 billion in cash and no debt after the deal, money that the company expects will be enough to fully fund Fisker’s operations and the development of its Fisker Ocean, a luxury electric SUV, through the planned start of production in late 2022.
Fisker took the same route to becoming a public company as Nikola Corp. NKLA, -7.47%, DraftKings Inc. DKNG, -5.27% and others that came to public markets through a blank-check company, or a special purpose acquisition corporation.
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