LOS ANGELES and NEW YORK –
Fisker is going public by way of merging with a special purchase acquisition company.
The e-mobility and tech company said Monday it entered an agreement with Spartan Energy Acquisition Corp., an SPAC sponsored by Apollo Global Management affiliate, to merge Spartan and Fisker.
Fisker would then be a publicly traded company on the New York Stock Exchange.
The proposed transaction has been unanimously approved by the Spartan and Fisker boards.
It is anticipated the deal will close in the fourth quarter. Completion of the transaction is, “subject to, among other things, the approval by Spartan’s shareholders, satisfaction of the conditions stated in the definitive agreement and other customary closing conditions,” the company said in a news release.
“Today, the realization of the world’s first digital car company took another major step forward, advancing our mission to commercialize the world’s most emotional and sustainable vehicles, while upholding our vision of a clean future for all,” Fisker founder, chairman and chief executive officer Henrik Fisker said in a news release.
“We are excited to partner with Apollo, a world-class financial institution who brings deep industry expertise, extensive global relationships and a shared commitment to ESG. This vote of confidence from investors, coupled with our exciting progress on the development of our first vehicle, lays out Fisker’s path to 2022 and beyond. Drivers of the Fisker Ocean SUV will also benefit from our unique flexible lease program that maximizes affordability, while delivering unrivaled ownership flexibility,” Fisker added. “Deployed through our proprietary app, our leasing model has been designed to appeal to customers looking for the ultimate in sustainable mobility and freedom from traditional and restrictive leasing programs.”
Geoffrey Strong is Spartan’s chairman and CEO and is Apollo’s co-head of infrastructure and natural resources. In a news release, he said: “Spartan and Apollo have a strong commitment to sustainability and ESG, and we are excited to work with Fisker to help achieve its vision of attainable electric transportation.
“Henrik has an unparalleled and world-renowned design track record and is supported by an expert management team with storied careers in the automotive industry,” Strong said. “The right team, combined with deep financial resources provided by this transaction, further position the company to succeed in a rapidly growing industry.”
This news makes it at least two auto-related companies announcing they were going public through a SPAC deal in recent weeks.
On June 29, vehicle ecommerce platform Shift announced it plans on going public in the third quarter through a merger agreement with special purpose acquisition company Insurance Acquisition Corp.