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Business & Finance

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

  • 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.
Published July 13, 2020

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.

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