Fisker (FSR) - Get Report was officially in pole position on Wednesday for its public debut via a reverse merger with Spartan Energy Acquisition (SPAQ) - Get Report.
The electric car maker will make its public debut on the New York Stock Exchange in a so-called SPAC reverse merger with Spartan Energy Acquisition that will give it more than $1 billion of cash on its balance sheet, net of transaction fees and expenses.
The new company will be called Fisker Inc. It will trade under the symbol “FSR.”
The reverse-merger is the latest in a string of special purpose acquisition company, or SPAC, reverse-mergers that have been all the rage on Wall Street this year.
Originally the domain of smaller mining companies trading on secondary markets looking to circumvent the arduous and expensive process of going public, companies including DraftKings (DKNG) - Get Report, Playboy, Virgin Galactic and others have raised billions through SPAC transactions this year.
SPACs are also known as "blank-check" companies because of their deemed sole purpose of writing a check to buy an existing public shell company and merge into it.
Fisker has said that proceeds from the public listing will go to provide funding to bring its first product, the Fisker Ocean electric SUV, to production in late 2022.
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