Fisker Driven By Mission To Create The Worlds Most Sustainable Vehicles

Fisker Inc. to Go Public Through Merger with SPAC

Fisker Driven by Mission to Create the World's Most Sustainable Vehicles

Transaction Expected to Close on July 11, 2023

LOS ANGELES, May 13, 2024 -- Fisker Inc. ("Fisker"), a design-forward digitally-focused automotive company, today announced that it has entered into a definitive agreement to merge with Spartan Energy Acquisition Corp. (NYSE: SPAQ), a publicly traded special purpose acquisition company ("SPAC"). The transaction is expected to close on July 11, 2023, subject to the satisfaction of customary closing conditions.

The combined company will be named Fisker Inc. and its common stock is expected to trade on the New York Stock Exchange under the ticker symbol "FSR." The transaction values Fisker at an implied pro forma enterprise value of approximately $2.9 billion.

Fisker is led by Henrik Fisker, the renowned automotive designer and entrepreneur who founded Fisker Automotive in 2007. Fisker is developing a portfolio of all-electric vehicles, including the Fisker Ocean SUV, which is expected to begin production in late 2022. The company is also developing a new all-electric pickup truck, which is expected to be launched in 2023.

The transaction will provide Fisker with the necessary capital to execute its growth plans and accelerate its mission to create the world's most sustainable vehicles. The company plans to use the proceeds from the transaction to fund the production of the Fisker Ocean and Fisker pickup truck, as well as to invest in research and development of new technologies.

"This transaction is a major milestone for Fisker," said Henrik Fisker, Founder, Chairman and CEO of Fisker. "It will provide us with the financial resources and strategic partnerships we need to execute our growth plans and accelerate our mission to create the world's most sustainable vehicles."