(excerpt)

Electric-car maker Fisker Inc. is hoping to ride twin waves of investor interest in electric vehicles and blank-check companies to get its first vehicles onto roads in a couple of years.

Fisker and Spartan Energy Acquisition Corp., a special purpose acquisition corporation, or blank-check company backed by Apollo Global Management Inc. announced their merger on Monday. The deal valued Fisker at $2.9 billion and it is expected to close in the fourth quarter.

Fisker said it had a net loss attributable to shareholders of $10.4 million in 2019, compared with a net loss of $4.7 million in 2018. It had $1.9 million in cash and cash equivalents last year.

Fisker’s IPO is “timely” as it is taking advantage of Tesla Inc. share rally “and the PR blitz” of electric-truck maker Nikola Corp., said David Kudla, CEO of Mainstay Capital Management.

“Going public through a SPAC allows the company to raise proceeds in a timely and cost efficient manner,” he said. “Whether or not Fisker can become profitable and cash flow positive with a $40,000 EV SUV remains to be seen.” …

... Fisker has said its “‘emotional design’ will be the way his vehicles stand out in a crowded EV market,” Mainstay’s Kudla said. …

 

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Disclosure Information - Rankings and Awards

Barron's Magazine - Top 100 Independent Wealth Advisors

According to Barron’s: The rankings are based on data provided by individual advisors and their firms. Advisor data is confirmed via regulatory databases, cross‐checks with securities firms and conversations with individual advisors. The formula Barron’s uses to rank advisors is proprietary. It has three major components: assets managed, revenue produced and quality of practice. Investment returns are not a component of the rankings because an advisor’s returns are dictated largely by the risk tolerance of clients. The quality of practice component includes an evaluation of each advisor’s regulatory record. The data is based on one fiscal year (7/1/22 - 6/30/23) and appeared in Barron’s on 9/18/23.


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The Charles Schwab & Co., Inc.’s IMPACT Awards® program recognizes excellence in the business of independent financial advice. Nominees are evaluated and selected by a panel of prominent leaders from both the business world and the financial services industry. Mainstay Capital Management does use Charles Schwab to custody certain client assets, however there was no direct compensation provided to be nominated for this award. Mainstay Capital Management received this annual award on November 15, 2017.