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Fisker Seizing on EV Stock Surge With Reverse-Merger Listing

  • Henrik Fisker’s second electric-car venture combines with SPAC
  • Plan mimics move by zero-revenue truck maker Nikola last month
Fisker Ocean electric SUV
Fisker Ocean electric SUVPhotographer: Bridget Bennett/Bloomberg
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Fisker Inc., the second battery-powered car venture founded by longtime auto designer Henrik Fisker, will merge with an Apollo Global Management-sponsored blank-check company amid a surge in electric-vehicle shares.

The boards of Fisker and Apollo-backed Spartan Energy Acquisition Corp. have unanimously approved the transaction, which is expected to be completed in the fourth quarter, according to a statement. Spartan Energy shares, which soared 54% last week in anticipation of the deal, rose as much as 29% shortly after the start of regular trading Monday.