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Fisker Merges with Spartan Energy to Fund Development of All-Electric SUV Fisker Ocean
Wednesday 15 July 2020

California-based e-mobility company Fisker Inc. and special purpose acquisition company Spartan Energy acquisition Corp. (NYSE: SPAQ), have entered into a definitive agreement that is anticipated to provide Fisker the necessary funding to bring its first product, the Fisker Ocean, an electric SUV, to production in 2022, the company said.

The business combination values Fisker at a USD 2.9bn pro forma equity value, at the USD 10.00 per share PIPE price and assuming minimal redemptions by Spartan shareholders.

The boards of directors of both Spartan and Fisker have unanimously approved the proposed transaction, which is expected to be completed in the fourth quarter of 2020.

The transaction is anchored by existing and new investors including Moore Strategic Ventures, AllianceBernstein, funds and accounts managed by BlackRock and Federated Hermes Kaufmann.

The business combination would result in Fisker becoming a publicly listed company.

Cowen is serving as financial advisor, and Orrick Herrington and Sutcliffe LLP is serving as legal advisor to Fisker. Cowen, Credit Suisse and Goldman Sachs are serving as co-placement agents on the PIPE offering.

Citi (NYSE: C) and Goldman Sachs (NYSE: GS) are serving as financial advisors and Vinson and Elkins LLP is serving as legal advisor to Spartan Energy acquisition Corp.
Date Published: 15/07/2020