Fisker Automotive plans to go public by merging with Spartain Energy Acquisition Corp (SPAQ). There is certainly a rise in electric vehicle companies, we have seen numerous companies go public via the method like Nikola (NKLA). There are plenty of upcoming mergers waiting to happen. Investors get in before they surge.
A blank check company is a development-stage corporation that is publicly traded and has no existing business plan. It may be used as a start-up to raise money, or it may be planned to combine or absorb another business organization.
Fisker said it raised $50 million in funding this week separately, and the company said the funds would finance the next phase of development work on the Fisker Ocean luxury SUV, scheduled to be launched in 2022.
The $50 million Series C funding round was sponsored by Moore Strategic Investments, hedge-fund founder Louis Bacon ‘s private investment company in New York.
Henrik Fisker, a onetime designer from Aston-Martin, founded the Los Angeles business in 2016 with plans to start selling the Ocean at a starting price of $37,500.
His former car company, Fisker Car, filed for bankruptcy in 2013, after burning private investment and taxpayer-funded loans for $1.4 billion.
In 2014, a Chinese auto parts maker bought Fisker Automotive out of bankruptcy and renamed Karma Automotive.
