Fisker (NYSE:FSR) news for Friday includes it completing its deal with special purpose acquisition company (SPAC) Spartan Energy Acquisition.
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Here’s what investors need to know about Fisker now that it’s trading on the public market.
- Fisker is an electric vehicle (EV) company trading on the New York Stock Exchange under the FSR ticker.
- Its first vehicle in production is the Fisker Ocean, which is a midsize SUV.
- The company plans to have this EV ready for production starting in the fourth quarter of 2022.
- It’s unclear when the company will be ready to deliver the Fisker Ocean to customers.
- Its starting price for the vehicle is $37,499 and it already has 9,000 paid reservations for it.
- Fisker notes that it will be working alongside Magna International (NYSE:MGA) for the co-development and manufacturing of the Fisker Ocean.
- According to the company, the Fisker Ocean will make use of many environmentally friendly and recycled materials.
- The recent SPAC deal was good news for the company, setting it up with $1 billion in cash to use for its business and no funded debt.
- Fisker claims that this funding will allow it to operate through the start of production for the Fisker Ocean.
With Fisker completing its merger with Spartan Energy Acquisition and entering the public space, investors will want to keep an eye on the company. Ahead of the acquisition, Spartan Energy saw its stock steadily decline. That could make FSR worth picking up at a lower price ahead of gains, so long as its EV plans pan out.
FSR stock was up 11.4% as of Friday morning.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.
