SPARTAN AND FISKER EXPECT CASH TO EXCEED $1.0 BILLION FOLLOWING TRANSACTION CLOSING

All necessary funding for Fisker Ocean electric SUV expected to be in place

LOS ANGELES / NEW YORK, Oct. 27, 2020 (GLOBE NEWSWIRE) -- Spartan Energy Acquisition Corp. (“Spartan”) (NYSE: SPAQ), and Fisker Inc. (“Fisker”), announced today that, as of the deadline for redemption elections in connection with the pending business combination between the two companies (the “Fisker Transaction”), approximately $550 million of the original $552 million will remain available in Spartan’s trust.

When combined with previously announced outstanding financing commitments of approximately $500 million and cash on hand at Fisker, the post-combination company expects to have in excess of $1.0 billion (net of transaction fees and expenses) of cash on the balance sheet and no funded debt, following the closing of the Fisker Transaction. This amount is expected to fund Fisker operations and the development of the Fisker Ocean program through the planned start of production in Q4 2022.

 The consummation of the Fisker Transaction is expected to occur after the special meeting of Spartan’s stockholders, which is scheduled for October 28, 2020, subject to final stockholder approval and satisfaction of other customary closing conditions.

“We appreciate the ongoing support of Spartan’s investors and are pleased to see this important milestone toward the closing of the Fisker Transaction, which is expected to provide Fisker with ample resources to execute on the next phase of the business plan created by Henrik and team,” said Geoffrey Strong, Chairman and CEO of Spartan and Senior Partner, Co-Head of Infrastructure and Natural Resources at Apollo Global Management, Inc. (“Apollo”).

“Together with the recent announcement of our strategic cooperation with Magna, today’s news brings the Ocean SUV another significant step closer to launch,” said Henrik Fisker, Chairman and CEO of Fisker. “I’d like to thank our colleagues at Spartan and Apollo for their confidence in our strategy and ability to execute.”

Holders of Spartan’s common stock as of the close of business on October 1, 2020 are entitled to vote at the special meeting of Spartan’s stockholders. The Spartan Board of Directors unanimously recommends that stockholders vote “FOR” the business combination proposal with Fisker as well as the other proposals set forth in the proxy statement. Spartan appreciates the support of its stockholders and committed financing for the Fisker Transaction.