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Oct. 30, 2020, 10:57 a.m. EDT

Fisker stock rallies more than 11% on first day of trading

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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%

Related: Fisker is going public: Five things to know about the electric-car maker ahead of its IPO

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.

/zigman2/quotes/203829595/composite
US : U.S.: NYSE
$ 46.00
+0.69 +1.52%
Volume: 1.25M
Dec. 2, 2020 7:00p
P/E Ratio
N/A
Dividend Yield
5.02%
Market Cap
$18.29 billion
Rev. per Employee
$1.99M
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/zigman2/quotes/208704275/composite
US : U.S.: Nasdaq
$ 18.32
+0.95 +5.47%
Volume: 31.59M
Dec. 2, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$6.67 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/213120645/composite
US : U.S.: Nasdaq
$ 51.10
+0.32 +0.63%
Volume: 11.95M
Dec. 2, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$39.85 billion
Rev. per Employee
N/A
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