Electric Vehicle Maker Fisker Plans To Go Public In Similar Fashion To Rival Nikola: Report

Fisker Inc. is planning to go public through a merger with a special-purpose acquisition company, Reuters reported Thursday.

What Happened

Apollo Global Management Inc APO-backed blank-check company Spartan Energy Acquisition SPAQ is leading a bidding war to make a deal with the electric vehicles manufacturer that could fetch about $2 billion, sources familiar with the matter told Reuters.

Another electric vehicles company, Nikola Corporation NKLA, similarly went public last month through a merger with VectorIQ Acquisition. The company's shares are up more than 60% till-date since the listing.

The electric vehicle and autonomous driving companies have seen increased interest from investors following the incredible surge in Tesla Inc.'s TSLA stock.

Fisker was founded by automotive designer Henrik Fisker in 2016, rebranded from his previous company Fisker Automotive. The company is best known for its electric luxury sports car "Fisker Karma."

Price Action

Spartan shares closed 38.7% higher at $14.99 in the regular session on Thursday. The shares were up another 13.7% in the after-hours session at $17.05.

Image: Fisker Inc