Electric vehicle company Fisker Inc. is reportedly in talks to go public through a sale to a so-called blank-check company.
Spartan Energy Acquisition Corp. (SPAQ) - Get Report, which is backed by the New York private equity firm Apollo Global Management, (APO) - Get Report is leading a bidding war among blank-check companies for Fisker and could clinch a deal for close to $2 billion as early as next week, Reuters reported, citing sources.
A blank-check company is a publicly traded development-stage company that has no established business plan. It may be used to gather funds as a startup, or can have intent to merge with or acquire another business entity.
Separately, Fisker said it completed $50 million in financing this week, and the company said the proceeds will support the next phase of engineering work on the Fisker Ocean luxury SUV, which is due to launch in 2022.
The $50 million Series C financing round was funded by Moore Strategic Ventures, the New York private investment vehicle of hedge-fund manager Louis Bacon.
Henrik Fisker, a one-time Aston-Martin designer, launched the Los Angeles company in 2016 and plans to begin selling the Ocean at a starting price of $37,500.
His previous automotive venture, Fisker Automotive, filed for bankruptcy in 2013 after burning through $1.4 billion in private investments and taxpayer-funded loans.
Fisker Automotive was bought out of bankruptcy in 2014 by a Chinese auto parts maker and renamed Karma Automotive.
Fisker declined to comment.