by Claudia Assis
Fisker Inc. shares rose more than 11% on Friday, their debut on the New York Stock Exchange, getting a boost by heightened investor interest in electric vehicles and in so-called blank-check companies despite broad market weakness.
Electric-car maker Fisker said late Thursday it had completed its reverse merger with a blank-check company backed by private-equity giant Apollo Global Management. /zigman2/quotes/203829595/composite APO +1.52%
The company said it expects to have more than $1 billion in cash and no debt after the deal, money that the company expects will be enough to fully fund Fisker’s operations and the development of its Fisker Ocean, a luxury electric SUV, through the planned start of production in late 2022.
Fisker took the same route to becoming a public company as Nikola Corp. /zigman2/quotes/208704275/composite NKLA +5.47% , DraftKings Inc. /zigman2/quotes/213120645/composite DKNG +0.63% and others that came to public markets through a blank-check company, or a special purpose acquisition corporation.