Monday, July 13, 2020

Fisker To Raise $1B In Reverse Merger

Los Angeles-based electric car maker Fisker announced this morning that it is in a merger with a public, special purpose acquisition company, called Spartan Energy Acquisition Corp. (SPAC), which will help provide more than $1 billion in gross proceeds to the company--and make it a publicly traded company. According to the company, the merger will provide it $500M in PIPE investments from Moore Strategic Ventures, AllianceBernstein, funds and accounts managed by BlackRock and Federated Hermes Kaufmann. The company said the merger and proceeds will fully fund the development of its all-electric Fisker Ocean through start of production in 2022. Fisker is led by Founder, Chairman and CEO Henrik Fisker.