Fisker to go public | Calamatta Cuschieri

The Maltese market closed in the red on Monday, with the MSE total index ending the session 0.369% lower to 8,139.509 points. The best performer was Medserv plc, by adding 18.42% to close at 0.675, followed by 1.25% increase of BMIT Technologies plc with a closing price of 0.486. The biggest fall was seen from the Plaza Centres plc, which slid 17.48% to close at 0.85. Followed by a 2.61% drop of Malta International Airport plc and a 1.72% shed of International Hotel Investments plc with a closing price of 5.60 and 0.57 respectively.

Stocks in Europe finished the session at their best level in over a month ahead of the start of the second quarter earnings season, even as the single currency continued to bound higher. Germany's Dax was up by 1.32% at 12,799.97. The Stoxx 600 meanwhile was ahead 1.0% to 370.50 and Milan's FTSE Mibtel was the day's lagger, trading up by 1.19% to 20,003.25.

Wall Street stocks closed in a mixed state on Monday, after another record spike in new Covid-19 cases in Florida at the weekend. The Dow Jones Industrial Average ended the session up 0.04% at 26,085.80, while the S&P 500 slipped 0.94% to 3,155.22 and the Nasdaq Composite was 2.13% weaker at 10,390.84.

Electric car maker Fisker to go public through SPAC deal at $2.9 billion valuation

Electric car maker Fisker will go public through a merger with a blank-check company backed by private equity firm Apollo Global Management Inc at a valuation of USD 2.9 billion, the companies said on Monday.

The Fisker deal, expected to close in the fourth quarter, will provide Fisker with USD 1 billion in gross proceeds, including USD 500 million of funds from existing and new investors such as AllianceBernstein and BlackRock Inc.

The proceeds will be used to bring the company’s Fisker Ocean SUV to market in late 2022.

Fisker said the startup is in talks with other companies, including Magna International, about building the SUV. Magna declined to comment. Fisker also is talking with other automakers about using their hardware, including vehicle platforms, motors, battery packs, air conditioning, and other parts, while Fisker focuses on design, software and the consumer digital experience.

This article was issued by Nadiia Grech, Trader at Calamatta Cuschieri. For more information visit, www.cc.com.mt. The information, view and opinions provided in this article are being provided solely for educational and informational purposes and should not be construed as investment advice, advice concerning particular investments or investment decisions, or tax or legal advice. Calamatta Cuschieri Investment Services Ltd has not verified and consequently neither warrants the accuracy nor the veracity of any information, views or opinions appearing on this website.