SPARTAN AND FISKER EXPECT CASH TO EXCEED $1.0 BILLION FOLLOWING TRANSACTION CLOSING
October 27 2020 - 8:45AM
Spartan Energy Acquisition Corp. (“Spartan”) (NYSE: SPAQ), and
Fisker Inc. (“Fisker”), announced today that, as of the deadline
for redemption elections in connection with the pending business
combination between the two companies (the “Fisker Transaction”),
approximately $550 million of the original $552 million will remain
available in Spartan’s trust.
When combined with previously announced outstanding
financing commitments of approximately $500 million and cash on
hand at Fisker, the post-combination company expects to have in
excess of $1.0 billion (net of transaction fees and expenses) of
cash on the balance sheet and no funded debt, following the closing
of the Fisker Transaction. This amount is expected to fund Fisker
operations and the development of the Fisker Ocean program through
the planned start of production in Q4 2022.
The consummation of the Fisker Transaction is expected to
occur after the special meeting of Spartan’s stockholders, which is
scheduled for October 28, 2020, subject to final stockholder
approval and satisfaction of other customary closing
conditions.
“We appreciate the ongoing support of Spartan’s investors and
are pleased to see this important milestone toward the closing of
the Fisker Transaction, which is expected to provide Fisker with
ample resources to execute on the next phase of the business plan
created by Henrik and team,” said Geoffrey Strong, Chairman and CEO
of Spartan and Senior Partner, Co-Head of Infrastructure and
Natural Resources at Apollo Global Management, Inc. (“Apollo”).
“Together with the recent announcement of our strategic
cooperation with Magna, today’s news brings the Ocean SUV another
significant step closer to launch,” said Henrik Fisker, Chairman
and CEO of Fisker. “I’d like to thank our colleagues at Spartan and
Apollo for their confidence in our strategy and ability to
execute.”
Holders of Spartan’s common stock as of the close of business on
October 1, 2020 are entitled to vote at the special meeting of
Spartan’s stockholders. The Spartan Board of Directors unanimously
recommends that stockholders vote “FOR” the business combination
proposal with Fisker as well as the other proposals set forth in
the proxy statement. Spartan appreciates the support of its
stockholders and committed financing for the Fisker
Transaction.
About Spartan Energy Acquisition Corp.
Spartan is a special purpose acquisition entity focused on the
energy value-chain in North America and was formed for the purpose
of entering into a merger, amalgamation, capital stock exchange,
asset acquisition, stock purchase, reorganization or similar
business combination with one or more businesses. The Company is
sponsored by Spartan Energy Acquisition Sponsor LLC, which is owned
by a private investment fund managed by an affiliate of Apollo
Global Management, Inc. (NYSE: APO).
About Fisker Inc.
California-based Fisker Inc. is revolutionizing the automotive
industry by developing the most emotionally desirable and
eco-friendly electric vehicles on Earth. Passionately driven by a
vision of a clean future for all, the company is on a mission to
become the No. 1 e-mobility service provider with the world's most
sustainable vehicles. For more information and to reserve the
all-electric Fisker Ocean visit www.fiskerinc.com.
Forward-Looking Statements
The information in this press release includes “forward-looking
statements” within the meaning of Section 27A of the Securities Act
of 1933, as amended (the “Securities Act”), and Section 21E of the
Securities Exchange Act of 1934, as amended. All statements, other
than statements of present or historical fact included in this
press release, regarding the Fisker Transaction and the ability to
consummate the Fisker Transaction are forward-looking statements.
When used in this press release, the words “could,” “should,”
“will,” “may,” “believe,” “anticipate,” “intend,” “estimate,”
“expect,” “project,” the negative of such terms and other similar
expressions are intended to identify forward-looking statements,
although not all forward-looking statements contain such
identifying words. These forward-looking statements are based on
current expectations and assumptions about future events and are
based on currently available information as to the outcome and
timing of future events. Except as otherwise required by applicable
law, Spartan and Fisker disclaim any duty to update any
forward-looking statements, all of which are expressly qualified by
the statements in this section, to reflect events or circumstances
after the date of this press release. Spartan and Fisker caution
you that these forward-looking statements are subject to numerous
risks and uncertainties, most of which are difficult to predict and
many of which are beyond the control of Spartan and Fisker. In
addition, Spartan and Fisker caution you that the forward-looking
statements contained in this press release are subject to the
following factors: (i) the occurrence of any event, change or other
circumstances that could delay the Fisker Transaction or give rise
to the termination of the agreements related thereto; (ii) the
outcome of any legal proceedings that may be instituted against
Spartan or Fisker regarding the Fisker Transaction; (iii) the
inability to complete the Fisker Transaction due to the failure to
obtain approval of the stockholders of Spartan, or other conditions
to closing in the transaction agreements; (iv) the risk that the
proposed Fisker Transaction disrupts Spartan’s or Fisker’s current
plans and operations; (v) Fisker’s ability to realize the
anticipated benefits of the Fisker Transaction, which may be
affected by, among other things, competition and the ability of
Fisker to grow and manage growth profitably following the Fisker
Transaction; (vi) costs related to the Fisker Transaction; (vii)
changes in applicable laws or regulations; and (viii) the
possibility that Fisker may be adversely affected by other
economic, business, and/or competitive factors. Should one or more
of the risks or uncertainties described in this press release, or
should underlying assumptions prove incorrect, actual results and
plans could different materially from those expressed in any
forward-looking statements. Additional information concerning these
and other factors that may impact the operations and projections
discussed herein can be found in the proxy statement for Spartan’s
special meeting of stockholders and Spartan’s periodic filings with
the Securities and Exchange Commission (the “SEC”), including its
Annual Report on Form 10-K for the fiscal year ended December 31,
2019 and Quarterly Report on Form 10-Q for the quarter ended June
30, 2020. Spartan’s SEC filings are available publicly on the SEC’s
website at www.sec.gov.
Contacts:
Head of Investor RelationsGary M.
Stein212.822.0467gstein@apollo.comInvestor Relations Manager
Ann Dai212.822.0678Adai@Apollo.ComGlobal Head of Corporate
Communications
Joanna Rose212.822.0491jrose@apollo.com
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