Fisker Now Trading on NYSE, But No Products or Revenue Yet
We’ve already seen what happens to a company that tries to make progress in the market without a product – and that company isn’t doing too hot at the moment.
In a new bid to become the world’s most “emotionally-desirable” and “eco-friendly” cars, California-based Fisker Inc. (FSR) went public on Friday, despite having no cars produced yet and no revenue to show forth.
Fisker completed a reverse merger with the blank check company Spartan Energy Acquisition Corp (NYSE: SPAQ) and created a new company, allowing the former now access to $1 billion in cash inflows.
Deliveries for Fisker’s first vehicle, the Ocean, aren’t set to begin until 2022 either, so what it plans to do in that time will be key for investors, seeking an electric vehicle (EV) company to invest in.
It’s official – we are trading on @NYSE under the ticker symbol “FSR”. Full speed ahead on bringing the revolutionary, all-electric 2022 Fisker Ocean EV to market! #Fisker #FiskerOcean pic.twitter.com/vIUHiJx69x
— Fisker Inc. (@FiskerInc) October 30, 2020
Henrik Fisker, CEO of Fisker Inc., said, “All the external pieces are now in place to execute our unique, asset-light business strategy, with today’s funding and the strategic cooperation announced with Magna on Oct. 15.”
Fisker continued, “We can now fully turn our attention to developing and launching the revolutionary, all-electric Fisker Ocean into the heart of the midsize SUV market, expected to commence in Q4 2022. We appreciate the confidence from all our shareholders and intend to deliver on our stated goals.”
The Fisker Ocean is set to start at $37,499 USD when it becomes available, and the company will also offer a vehicle leasing program, entitled Fisker Flexee, in which customers can lease-to-own its vehicles – that is, if the vehicle comes out at all.
(Do I hear a Nikola Badger in the distance? Unlikely.)