Spartan Energy Acquisition Corp.
Merger
Overview
- Date:
- 9/1/2020
- Company Name:
- Spartan Energy Acquisition Corp.
- Stock Symbol:
- SPAQ
- Company Name - Buyer:
- Fisker Inc.
- Status:
- Investigating
- Merger Announcement Date:
- 7/13/2020
NEW YORK, September 1, 2020 – Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, has launched an investigation into whether the board members of Spartan Energy Acquisition Corp. (NYSE: SPAQ) breached their fiduciary duties or violated the federal securities laws in connection with the company’s merger with Fisker Inc.
On July 13, 2020, Spartan Energy announced that it had signed an agreement to enter into a business combination that would result in Fisker becoming a publicly listed company. The deal has an implied pro forma equity value of approximately 2.9 billion. Pursuant to the merger agreement, Spartan Energy stockholders will retain ownership of less than 20% of the combined company. The deal is scheduled to close in the fourth quarter of 2020.
Bragar Eagel & Squire is concerned that Spartan Energy’s board of directors oversaw an unfair process and ultimately agreed to an inadequate merger agreement. Accordingly, the firm is investigating all relevant aspects of the deal and is committed to securing the best result possible for Spartan Energy’s stockholders.