Why Spartan Energy Acquisition's Stock Fell on Friday
Shares of Spartan Energy Acquisition (NYSE: SPAQ), a special-purpose acquisition company (SPAC) that has agreed to merge with electric-vehicle start-up Fisker, were trading lower on Friday after Fisker reported a potential snag in its plan to put its electric SUV into production.
As of 2:45 p.m. EDT on Friday, Spartan's shares were down about 12.2% from Thursday's closing price.
Los Angeles-based Fisker has developed an upscale electric SUV called the Ocean, which it aims to have in production by the end of 2022, using technology from a major automaker. Spartan and Fisker have agreed to merge in a deal similar to one that took electric-truck start-up Nikola (NASDAQ: NKLA) public in June; the deal is expected to close in the fourth quarter of 2020.
Source Fool.com
