Electric-car maker Fisker shares to start trading on NYSE Friday
Shares of Fisker Inc. will make their debut Friday on the New York Stock Exchange under the symbol FSR. The electric-car maker said late Thursday it has completed its reverse merger with a blank-check company backed by private-equity giant Apollo Global Management. "All the external pieces are now in place to execute our unique, asset-light business strategy," Fisker Chief Executive Officer Henrik Fisker said in a statement. The company said it expects to have more than $1 billion in cash and no funded debt after the deal went through. That amount is expected to fully fund Fisker operations and the development of its Fisker Ocean, a luxury electric SUV, through the planned start of production in late 2022, it said. The vehicle, to be assembled in Europe, is expected to cost about $37,499, about half of what the base model of a Tesla Inc. Model X electric SUV costs. A prototype for the Ocean is expected to be unveiled in May. Fisker, which announced its intention to go public in July, is hoping to capitalize on heightened investor interest in electric vehicles and in blank-check companies.
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