India, July 13 -- Spartan Energy Acquisition Corp. (SPAQ) shares are spiking on Monday morning on the announcement of a reverse merger agreement with Fisker Inc. in a $2.9 billion deal. Upon business combination, Fisker would become a public listed company.
The transaction would provide around $1 billion in gross proceeds to California based all-electric vehicle provider Fisker, which includes $500 million fully committed common stock PIPE at $10 per share. Fisker plans to fund its first product Fisker Ocean electric SUV by late 2022.
Last week, Fisker has completed $50 million in financing.
SPAQ is currently at $19.31, up 15.56. percent from its previous close of $16.70.
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