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Fisker Going Public

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Last Updated: 02 July 2021

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General | Latest Info

Fisker Inc., Which plans to start delivering electric vehicles in 2022, started trading Friday morning on the New York Stock Exchange, under the symbol FSR. Through special-purpose Acquisition sponsor through Apollo Global Management, electric-vehicle hopeful was able to expedite its transformation, which was announced in July. Of that 2. 9 billion deal with Apollo, Fisker today noted that it has 1. 0 billion of cash available on its balance sheet, with no debt. This amount is expected to fully fund Fisker operations and development of the Fisker Ocean program through the planned start of production in Q4 2022, company say. The company just announced earlier this month a development and production partnership with Magna, which will provide EV architecture for the Ocean electric crossover, help develop aluminum-intensive platform, and build vehicle for Fisker in Europe. Magna already builds several vehicles for major automakers, including the Jaguar I-Pace. Ocean will be about the same size but about half the price, at a starting price of 37 499, not including buyers' eligibility for 7 500 federal EV tax credit. Fisker has said that the Model Y-size Ocean will be the world's most sustainable vehicle, and the company notes that the Ocean will be digitally focused with some features delivered over air, plus app-manage ownership experience. It will offer optional third-row seating. Fisker hasnt yet confirmed details of who will manage delivery and service of vehicles. Company Report about 9 000 pay reservations up to October 28, as well as an uptick in them over the past few weeks after production plans. Original Fiskerthats Fisker Automotivedidnt go public and was primarily a venture-Capital-fund instead. In 2012, at least one investor accused the company of a pay to play scheme that effectively dilutes shares for earliest investors. Fisker also took out low-interest US Department of Energy loans, for Finland-build Karma and companys subsequent Project Nina vehicle, that were not repay. There has been no recent disclosure about Fiskers ' EMotion flagship Model, Orbit self-driving shuttle, or its development of solid-state battery technology, although Fisker said earlier this year that the company intends to make four different electric vehicles by 2025. Greater scrutiny and transparency in reporting required from public companies should give Fisker funds needed to get to market while also keeping business focus on getting the first product to marketand streamline enough to survive. Fisker has said that it will reveal the production intent prototype of Ocean at the LA Auto Show on May 2021. This is the second time just this week that a company intending to sell electric vehicles has gone public prior to making a single vehicle. The other is Lordstown Motors, which was first publicly listed on Monday.

* Please keep in mind that all text is machine-generated, we do not bear any responsibility, and you should always get advice from professionals before taking any actions.

* Please keep in mind that all text is machine-generated, we do not bear any responsibility, and you should always get advice from professionals before taking any actions

Fisker Stock Launches Via SPAC

A Special purpose Acquisition company is also called a blank-check company. It has no business or product. Instead, company go public to raise capital to buy another company. In this case, Spartan Energy Acquisition is SPAC. And Fisker Inc. Is an acquired company. Spartan Energy is backed by Apollo Global Management. CEO and chairman of Spartan Energy Geoffrey Strong state Fisker also expressed his excitement for the future of companies there are advantages to SPAC. By choosing this route, Fisker Inc. It saves time and money. It has become a new trend for companies to go public via SPAC rather than traditional IPO. This is how EV company Nikola launched on market back in early June. And Hyliion IPO was recently announced via reverse merger with Tortoise Acquisition. Tesla is a household name in the EV industry. So after the successful launch of Nikola Stock, many EV companies are following. Many are looking for capital to fund production. Fisker Inc. Is no different. The company is hoping money raised in the Fisker IPO will get Fisker Ocean into production.

* Please keep in mind that all text is machine-generated, we do not bear any responsibility, and you should always get advice from professionals before taking any actions.

* Please keep in mind that all text is machine-generated, we do not bear any responsibility, and you should always get advice from professionals before taking any actions

The Fisker Ocean

Fisker will use proceeds of the IPO to develop Fisker Ocean, which is expected to be available in late 2022. The company is promising a premium yet affordable SUV with a starting price of 37 500, and as much as 69 000 for higher-end Model; by comparison, Model Y, Tesla's compact SUV, starts at 49 990. The Company says the Ocean is a fully electric SUV with premium styling and features and has been designed to be the world's most sustainable vehicle. The five-seat vehicle was first showcased at CES in January. Fisker will sell Ocean outright and also offer it through what it calls flexible lease. Unlike regular, fix-term leases, drivers can return car after one month, several months, or several years, with no long-term contracts, and 30 000 miles per year included in the lease, rather than the usual 15 000 miles or so. The ocean has a range of up to 300 miles between charges. The car interior is also billed as vegan, using plastic, with no piece of leather in sight. Over the years, some Tesla shareholders advocated for leather-free, vegan Teslas, and the company has started offering those vegan Teslas.

* Please keep in mind that all text is machine-generated, we do not bear any responsibility, and you should always get advice from professionals before taking any actions.

* Please keep in mind that all text is machine-generated, we do not bear any responsibility, and you should always get advice from professionals before taking any actions

Fisker IPO: The Details

Electric-car maker Fisker Inc. Is hoping to ride twin waves of investor interest in electric vehicles and blank-check companies to get its first vehicles onto roads in a couple of years. Fisker and Spartan Energy Acquisition Corp., Special purpose Acquisition corporation, or blank-check company backed by Apollo Global Management Inc. Announce their merger on Monday. Deal value Fisker at 2. 9 billion and it is expected to close in the fourth quarter. Fisker said it had a net loss attributable to shareholders of 10. 4 million in 2019, compared with a net loss of 4. 7 million in 2018. It had 1. 9 million in cash and cash equivalents last year. The Fiskers IPO is timely as it is taking advantage of Tesla Inc. Share rally and PR blitz of electric-truck maker Nikola Corp., Say David Kudla, CEO of Mainstay Capital Management. Going public through SPAC allows company to raise proceeds in a timely and cost-efficient manner, he say. Whether or not Fisker can become profitable and cash flow positive with a 40 000 EV SUV remains to be see. Fisker has said its emotional design will be the way his vehicles stand out in the crowded EV market, Mainstays Kudla say. If you would like to copy the complete article, please send an email request to this email address is protected from spambots. You need JavaScript to view it., Or call toll-free 1-866-444-6246. If sending an email request, please include the following: title, date of article, and your mailing address. Mainstay Capital Management, LLC has been ranked by Barron's as one of the top 100 Independent Financial Advisors in the country for the past twelve years. Ranking Disclosure David Kudla, CEO Mainstay Capital Management Rings Closing Bell at NYSE on January 2 2020, Mainstay Capital Management, LLC was selected as winner of the Trailblazer IMPACT TM Award. This Award recognizes firm for their entrepreneurial spirit and drive to advance industry interests. David Kudla, CEO Mainstay Capital Management Rings Opening Bell at NYSE on July 3 2017 David Kudla, CEO Mainstay Capital Management Rings Closing Bell at Nasdaq on March 29 2017

* Please keep in mind that all text is machine-generated, we do not bear any responsibility, and you should always get advice from professionals before taking any actions.

* Please keep in mind that all text is machine-generated, we do not bear any responsibility, and you should always get advice from professionals before taking any actions

Legendary automobile designer

Fisker, man, is best known for designing luxury vehicles for companies such as Ford Motor Co. F,-2. 81 %, BMW AG BMW,-1. 86 %, and Aston Martin Lagonda Global Holdings PLC ARGGY, + 2. 73 % Fisker is a proven designer with a history of developing legendary vehicles, company say in its prospectus. He also brought an expert management team to Fisker Inc., Company say. The right team, combined with deep financial resources provided by this transaction, further position the company to succeed in a rapidly growing industry. Fisker has said its emotional design will be the way his vehicles stand out in the crowded EV market, Mainstays Kudla say.

* Please keep in mind that all text is machine-generated, we do not bear any responsibility, and you should always get advice from professionals before taking any actions.

* Please keep in mind that all text is machine-generated, we do not bear any responsibility, and you should always get advice from professionals before taking any actions

Sources

* Please keep in mind that all text is machine-generated, we do not bear any responsibility, and you should always get advice from professionals before taking any actions.

* Please keep in mind that all text is machine-generated, we do not bear any responsibility, and you should always get advice from professionals before taking any actions

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