Fisker is making its come-back through merging with a “blank check” shell corporation, SPAQ in late October.
What is a “blank check” aka SPAC company?
A special purpose acquisition company (SPAC) is a company with no commercial operations that is formed strictly to raise capital through an initial public offering (IPO) for the purpose of acquiring an existing company. Also known as “blank check companies,” SPACs have been around for decades. In recent years, they’ve gone mainstream, attracting big-name underwriters and investors and raising a record amount of IPO money in 2019. In 2020, more than 50 SPACs have been formed in the U.S., as of the beginning of August, raising some $21.5 billion.
-Julie Young
Now that many new traders are starting to show interest in the stock market, SPAC’s have been a particular area of interest for many traders.
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New traders are interested in SPAC’s because some SPAC’s like NKLA and SHLL have run 100’s of percent’s within weeks, resulting in large profits for new stock traders. One of the most popular SPAC’s is Fisker’s upcoming merger FSR – SPAQ. It currently has a cult-like following. New traders seem to think it will be trading in tens of dollars as he (Henrick Fisker) begins rolling out his plans and sale’s.
Fisker promises to deliver a sustainable vehicle, called the Ocean in 2022.
Fisker is reportedly scheduled to appear on Bill Cramer ‘Mad Money’ show in the coming days, Cramer who first had some harsh criticism for Fisker changed his mind after Fisker announced that it had appointed Bill McDermott to board of directors.
- Bill McDermott, president and CEO, ServiceNow, joins expansive Fisker Inc. Board ahead of completion of merger with Apollo affiliated Spartan Energy Acquisition Corporation (NYSE: SPAQ) via
McDermott is famously known as co-CEO and CEO of SAP and increasing its market value from $39 billion to $156 billion.
Being a huge fan of McDermott, Cramer now has seemingly shown interest in Fisker and perhaps now believer’s in his vision. This will be better known once Cramer interview’s Fisker in the coming days.
Now that Fisker has a board of winners and many catalysts coming, many new traders think Fisker will be the competition Tesla never had.