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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Nikola Corporation    NKLA

NIKOLA CORPORATION

(NKLA)
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Exclusive: Electric car maker Fisker eyes deal to go public

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07/09/2020 | 01:05pm EDT
Fisker logo is seen on a Fisker Karma car at the

By Joshua Franklin, Ben Klayman and Rebecca Spalding

Electric vehicle maker Fisker Inc is in talks to go public through a sale to a so-called blank-check acquisition company, modeled after a successful deal earlier this year by peer Nikola Corp, people familiar with the matter said on Thursday.

Nikola shares are up more than 60% since it went public last month through such a deal, as investors place bets on which startup will be the next Tesla Inc. Earlier this month, autonomous vehicle technology company Velodyne Lidar agreed to be bought by blank-check company Graf Industrial Corp for $1.6 billion, fuelling a rally in the latter's shares.

Spartan Energy Acquisition Corp, which is backed by private equity firm Apollo Global Management Inc, is leading a bidding war among blank-check companies for Fisker, and could clinch a deal for close to $2 billion as early as next week, the sources said.

The sources requested anonymity as the deal talks are confidential. Fisker and Spartan declined to comment.

Spartan's shares rallied on the news and were up 35% at $15.25 in early afternoon trading in New York on Thursday.

Henrik Fisker, a one-time Aston-Martin designer, launched the eponymous Los Angeles-based company in 2016, and plans to begin selling the Fisker Ocean luxury electric SUV in 2022 at a starting price of $37,500.

His previous automotive venture, Fisker Automotive, filed for bankruptcy in 2013 after burning through $1.4 billion in private investments and taxpayer-funded loans. Once billed as a rival to Tesla, it ended up making fewer than 2,000 cars.

Fisker Automotive was bought out of bankruptcy in 2014 by a Chinese auto parts maker and renamed Karma Automotive.

Spartan raised $552 million in a initial public offering in 2018, saying it would focus on an acquisition in the North American energy industry. It would use these funds and borrowed money to fund the deal with Fisker.

Tesla's shares have risen 500% over the past year, as the company increased sales of its Model 3 sedan and Model Y SUV, pushing the company's market capitalization past Toyota Motors Corp as the world's most valuable automaker.

(Reporting by Joshua Franklin in Pompano Beach, Florida, Ben Klayman in Detroit and Rebecca Spalding in New York; Editing by David Gregorio)

Stocks mentioned in the article
ChangeLast1st jan.
APOLLO GLOBAL MANAGEMENT, INC. -1.28% 47.87 Delayed Quote.0.34%
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC -2.91% 68.5 Delayed Quote.-86.82%
GRAF INDUSTRIAL CORP. -2.49% 17.65 Delayed Quote.77.63%
NIKOLA CORPORATION -0.02% 45.96 Delayed Quote.345.35%
SPARTAN ENERGY ACQUISITION CORP. 0.41% 12.2 Delayed Quote.19.98%
TESLA, INC. 1.83% 1650.71 Delayed Quote.294.60%
TOYOTA INDUSTRIES CORPORATION -0.32% 6160 End-of-day quote.-2.69%
TOYOTA MOTOR CORPORATION -1.43% 7181 End-of-day quote.-6.91%
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Financials (USD)
Sales 2020 0,13 M - -
Net income 2020 -400 M - -
Net cash 2020 549 M - -
P/E ratio 2020 -44,0x
Yield 2020 -
Capitalization 17 418 M 17 418 M -
EV / Sales 2020 133 667x
EV / Sales 2021 197x
Nbr of Employees 256
Free-Float 28,1%
Chart NIKOLA CORPORATION
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Technical analysis trends NIKOLA CORPORATION
Short TermMid-TermLong Term
TrendsNeutralNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 5
Average target price 55,00 $
Last Close Price 45,96 $
Spread / Highest target 71,9%
Spread / Average Target 19,7%
Spread / Lowest Target -2,09%
EPS Revisions
Managers
NameTitle
Mark A. Russell President, Chief Executive Officer & Director
Trevor Milton Executive Chairman
Kim J. Brady Chief Financial Officer & Director
Dane Davis Chief Technology Officer
Isaac Sloan Chief Information Officer & Software Architect
Sector and Competitors
1st jan.Capitalization (M$)
NIKOLA CORPORATION345.35%16 224
TESLA, INC.287.49%289 748
TOYOTA MOTOR CORPORATION-6.91%190 548
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DAIMLER AG-14.30%53 542
HONDA MOTOR CO., LTD.-12.17%44 646