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https://markets.businessinsider.com/news/stocks/spartan-energy-acquisition-stock-price-fisker-bidding-war-spac-electric-2020-7-1029382049

Spartan Energy soars 37% as it reportedly takes pole position in a bidding war for electric-vehicle maker Fisker (SPAQ, NKLA, TSLA)

2020-07-10 17:08:18, finanzen.net GmbH, markets.businessinsider.com

Content Categorization
/Business & Industrial/Energy & Utilities/Renewable & Alternative Energy
/News/Business News

Word Count:
545

Words/Sentence:
30

Reading Time:
3.63 min

Reading Quality:
Adept

Readability:
13th to 15th

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soared 37% on Thursday after it was reported by Reuters that the "blank check" company was in the lead of a bidding war for electric vehicle maker Fisker.

Investors have been clamoring for early-stage EV startups like Nikola Corp.

The bidding war has likely intensified after the management teams of SPACs that are in search of an acquisition saw the trading activity of small electric vehicle makers like Nikola Corp., Workhorse, and Tortoise Acquisition Corp.

Read more: The top-ranked stock-picker in small companies has returned 13 times more than his peers this year.

The SPAC said it would use the funds to acquire a US company within the energy industry.

Spartan Energy surged 37% to hit $14.82 in Thursday trading.

Nikola shares are up 446% since its merger was announced in March.

Fisker was founded by Henrik Fisker, a well-known car designer who previously worked for BMW and Aston-Martin.

and Workhorse in hopes of buying the next Tesla, which has seen a year-to-date rally of 233%.

According to the report, Spartan Energy, backed by Apollo Global Management, is close to "clinching" the $2 billion deal, and is competing with other SPACs that are looking for an acquisition.

Visit Business Insider's homepage for more stories.

Keywords
SPAQ, Stocks, Finance, TSLA, SPACs, NKLA, SPAC, Stock Market, Electric Vehicles, Movers, Fisker, Investing, EVs, Markets, Mover, Fisker Automotive

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