According to the company, the Fisker Ocean will be the most sustainable car in the world, offering a fully electric range of 250 to 300 miles and a vegan interior built from recycled materials. Fisker claims on its website that the Ocean SUV will offer the following features:
“The Fisker Ocean will be offered in a four-wheel drive configuration on all versions except the base model (rear wheel drive), reflecting the off-road capabilities of the vehicle. The standard four-wheel-drive configuration will deliver power in excess of 225 kilowatts (over 300 horsepower), with an ultra-high-performance version targeting zero to 60 mph in under three seconds (total horsepower to be announced in 2021). “
In a smart move to reduce costs and maximize efficiency, Fisker has announced it will partner with other automakers to manufacture and assemble key Ocean EV components. So far, however, these production partners have not been finalized.
This brings us to the heart of the matter. Henrik Fisker, Chairman and CEO of Fisker Inc., announced via a tweet on July 22 that the company would reveal the quantum of reserves the Ocean SUV has garnered so far on July 30:
We will be posting our bookings and customer interest on July 30 for our Fisker Ocean EV 2022. We are accepting deposits of $ 250. See👉🏽 https://t.co/ywdczefXB1 —- # fisker #love #EVs #art #design $ SPAQ #architecture #emobility #solar #supercar #auto pic.twitter.com/PnpTEsNHpk
– Henrik Fisker (@henrikfisker) 21 July 2020
Well, the numbers were released a while ago and they are encouraging. According to Fisker, the company has gathered more than 30,000 registered users to date. It should be noted, however, that the company recorded 22,000 expressions of interest in the Ocean EV as of April.
The Fisker Fam is now a community of over 30,000 registered users in 30 countries, with over 7,000 advanced bookings for the Fisker Ocean. Thank you for joining us on this journey and here is a clean future for all. # Fisker #electricvehicles #spaq pic.twitter.com/fdkzorVVKK
– Fisker Inc. (@FiskerInc) July 31, 2020
For comparison, Nikola’s Badger Electric Pickup Truck (NASDAQ: NKLA) managed to get fewer than 5,000 reservations within 4 days of opening the reservation process. On the other hand, Cybertruck Tesla (NASDAQ: TSLA) recorded 146,000 reservations within 2 days of opening the facility.
In addition to the reservation numbers for the Ocean EV, Fisker also announced that 3 more EVs will be released from 2023.
Although Fisker Ocean’s reservation figures signify a good level of interest, investors are now likely to turn their attention to the ongoing merger process between Fisker and Spartan Energy – a special purpose acquisition company (SPAC) . As we explained earlier, a PSPC is formed for the sole purpose of raising capital through an IPO and then channeling the proceeds of that IPO into the acquisition of an existing company. The deal is expected to close in the fourth quarter of 2020 and will likely cost $ 2.9 billion, including $ 500 million in investment in PIPE. As a reminder, a private investment in public stocks (PIPE) is the purchase of shares listed on the stock exchange at a discount from the current market price by institutional investors. The mechanism aims to reward these investors for their provision of liquidity.
To this end, Spartan Energy filed a definitive proxy statement (DEF 14A) on July 23 with the US SEC followed by an amended proxy statement (DEFA 14A) on July 28. Pursuant to the July 28 filing, existing Spartan Energy shareholders were invited to a special meeting on August 3 to vote on the amendment to the PSPC charter. This amendment will extend “The date on which the company must complete a business combination for six additional months, from August 14, 2020 to February 14, 2021”.
This move makes sense as Fisker’s merger with Spartan Energy is unlikely to be completed before the August 14 deadline. If the proposal is not approved, the filing indicates that the following procedure will be adopted:
“If the proposed charter amendment is not approved at the extraordinary meeting or any adjournment or postponement thereof and we do not complete a business combination before August 14, 2020, as provided for in our initial public offering prospectus and in accordance with our charter, we will (i) cease all operations, except for the purposes of liquidation, (ii) as quickly as reasonably possible but not more than ten business days thereafter, redeem the shares of our Class A common shares sold as part of our IPO units, at a price per share, payable in cash, equal to the total amount then on deposit in the trust account established for the benefit of the holders of our public shares … “
In a crucial caveat, the filing notes:
“Holders of public shares may elect to redeem their shares for their share in proportion to the funds available in the trust account as part of the charter amendment, whether or not those public shareholders vote on the amendment.” of the charter. “
This means that Spartan Energy shareholders will be able to repurchase their shares without the charter amendment being approved or rejected, receiving approximately $ 10.31 per share repurchased. Given the vast implications of the vote, analysts and Fisker enthusiasts are likely to continue to follow developments on this front very closely.