Fisker Announces Strategic Cooperation With Magna
- Innovative new EV cooperation anticipated to secure previously communicated Q4 2022 start of production timing for the Ocean SUV, with manufacturing planned at Magna's European vehicle assembly facility
Magna to be issued warrants to purchase up to 6% of the capital stock of Fisker following the proposed business combination between Fisker and
(subject to the achievement of certain milestones) – and will integrate deeply into the Ocean program to deliver a world-class electric vehicle Spartan Energy Acquisition Corp.
- Fisker to leverage Magna’s EV architecture, combined with unique Fisker intellectual property, to finalize a new lightweight aluminum intensive ‘FM29’ platform for the Fisker Ocean SUV and potential future vehicles
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Using Fisker-Flexible Platform Adaptive Design (FF-PAD), Fisker’s design, engineering and software teams will integrate Magna EV architecture with the award-winning exterior design of the Ocean. The new FM29 lightweight aluminum-intensive platform is the basis not only for the Ocean – but may also be the basis for future vehicles.
“This relationship with Magna marks an important milestone for Fisker as the company continues to make progress towards achieving its future goals. We are confident that Fisker will continue this positive momentum as we work towards the close of our transaction and beyond,” said
For additional information regarding Fisker’s agreements with Magna, please refer to the supplemental proxy materials to be filed by Spartan with the
For more information, or for interview inquiries, contact Fisker@GoDRIVEN360.com.
Forward Looking Statements
The information in this press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this presentation, regarding Spartan’s proposed acquisition of Fisker, Spartan’s ability to consummate the transaction, the benefits of the transaction and the combined company’s future financial performance, as well as the combined company’s strategy, future operations, estimated financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. When used in this press release, the words “could,” “should,” “will,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, Spartan and Fisker disclaim any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release. Spartan and Fisker caution you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of either Spartan or Fisker. In addition, Spartan cautions you that the forward-looking statements contained in this press release are subject to the following factors: (i) the occurrence of any event, change or other circumstances that could delay the business combination or give rise to the termination of the agreements related thereto; (ii) the outcome of any legal proceedings that may be instituted against Spartan or Fisker following announcement of the transactions; (iii) the inability to complete the business combination due to the failure to obtain approval of the shareholders of Spartan, or other conditions to closing in the transaction agreement; (iv) the risk that the proposed business combination disrupts Spartan’s or Fisker’s current plans and operations as a result of the announcement of the transactions; (v) Fisker’s ability to realize the anticipated benefits of the business combination, which may be affected by, among other things, competition and the ability of Fisker to grow and manage growth profitably following the business combination; (vi) costs related to the business combination; (vii) changes in applicable laws or regulations; and (viii) the possibility that Fisker may be adversely affected by other economic, business, and/or competitive factors. Should one or more of the risks or uncertainties described in this press release, or should underlying assumptions prove incorrect, actual results and plans could different materially from those expressed in any forward-looking statements. Additional information concerning these and other factors that may impact the operations and projections discussed herein can be found in Spartan’s periodic filings with the
Important Information for Investors and Shareholders
In connection with the proposed business combination,
Participants in the Solicitation
Andrew de Lara