Electric Vehicle Maker Fisker Going Public

ELECTRIC VEHICLE MAKER "FISKER" ANNOUNCES MERGER

(CNN) – Electric vehicle maker Fisker is hoping a new merger will recharge its efforts to produce a future electric SUV.

The Ocean SUV was introduced earlier this year  and is expected to hit showrooms in 2022.

On Monday; Fisker announced a $2.9 billion merger with Spartan Energy Acquisition.

The company is an affiliate of private equity firm Apollo Global Management, which will back the deal.

The merger should be finalized later this year and Fisker is then expected to become a publicly traded company.

Ocean will have a price tag of about $40,000.

And it’s been touted as an SUV designed for optimal space and usability.

Fisker, which is a smaller competitor to Tesla said the merger is a vote of confidence from investors.

Categories: Business