Fisker has completed its business combination with Spartan Energy Acquisition Corp. (“Spartan”), a special purpose acquisition company sponsored by an affiliate of Apollo Global Management, Inc. Spartan stockholders approved the business combination in a special meeting held on Oct. 28, 2020.
On Oct. 30, 2020, the combined company’s Class A common stock and public warrants are expected to commence trading on the New York Stock Exchange (“NYSE”) under the ticker symbols “FSR” and “FSR WS,” respectively.
“All the external pieces are now in place to execute our unique, asset-light business strategy, with today’s funding and the strategic cooperation announced with Magna on Oct. 15,” commented Fisker Chairman and Chief Executive Officer, Henrik Fisker. “We can now fully turn our attention to developing and launching the revolutionary, all-electric Fisker Ocean into the heart of the midsize SUV market, expected to commence in Q4 2022. We appreciate the confidence from all our shareholders and intend to deliver on our stated goals.”
As a result of the completion of the transaction, Fisker expects to have in excess of $1.0 billion (net of transaction fees and expenses) of cash on the balance sheet and no funded debt. This amount is expected to fully fund Fisker operations and the development of the Fisker Ocean program through the planned start of production in Q4 2022.
Fisker Ocean will be assembled by Magna in Europe and is poised to deliver class-leading range, interior space (with optional third-row seating) and overall vehicle performance at a compelling starting MSRP of $37,499. Joint engineering work with Magna is in full gear after kicking off in September, with Fisker recently announcing that a production-intent prototype will be unveiled at the Los Angeles Auto Show in May 2021. Fisker has received approximately 9,000 paid reservations as of Oct. 29, 2020, following a meaningful increase in order rate over the last several weeks. Fisker plans to increase organic marketing activities over the course of 2021, which the company expects to result in the continued increase to the order backlog.