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Question about SPAC financing and impact on share price

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Takis
(@takis)
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Does anyone know how much of the company individual shareholders own relative to other interests/investors? Sorry not a finance person but I do know SPAC mergers are quite different and can result in more original stakeholders. In other words what percentage of the company is purely shareholder held as opposed to stakeholders like Magna, Foxconn etc. and how does this compare to Tesla or non-SPAC IPOs. Asking as a shareholder who plans to hold medium to long term and and am interested to know how it might impact share price movements in the future-- does an equivalent revenue/profit margin to Tesla for example potentially not translate to similar stock price gains because so much of the company is held by other interests? Any insight would be helpful.


   
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Takis
(@takis)
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Any takers? I know, I know, I sound like some troll short but I'm not. Quite the opposite and very bullish long term on FSR, just trying get a clear picture to possibly temper any crazy expectations. It's a question I've been trying to find an answer to for some months after reading details of the Polestar SPAC merger and its impact on potential share price, so thought I'd try here.


   
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remichex
(@remichex)
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Wish I could answer your question but I don’t know the answer. However, have been reading a lot lately about how FSR looks good medium to long term 👍

https://www.parktelegraph.com/2022/10/13/analysts-point-to-fisker-inc-nyse-fsr-growth-in-the-future/#


   
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Takis
(@takis)
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Thanks. It's not an easy question to answer I agree. Anyhow, it's not changing my thinking in terms of investing. And frankly I'm much more excited about the Pear as a serious catalyst (you know to those three digit share price levels) and maybe I'll write something about that.


   
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Sean Callahan
(@seancallahan)
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Look at slide 31 of the original investor presentation:

20810A38 D314 4324 86B9 597D04EC3B26

 

https://www.sec.gov/Archives/edgar/data/1720990/000121390020017291/ea124083ex99-3_spartanenergy.htm

Fiskerati is my passion project. Follow us on Twitter. Subscribe to our YouTube channel. Download Fiskerati on the Apple App Store and Google Play.

🌊 Ocean One | Big Sur Blue | Black Abyss | 22” F5 AirGlider


   
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TT97
 TT97
(@ttrinchi)
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@takis I have been hesitant to respond as not a financial expert and knowledge is just from personal research.  Having said that, I can answer some of the history.  SPAC mergers are definitely different than IPOs, however, once they are both public, there is not really any difference to the general public investors (aka "us nobodies").  The SPAC does dilute the original shareholders, but again, this happened in the past and does not affect future performance.

As far as ownership; the two largest shareholders for FSR are Henrik & Geeta Fisker.  Each own approx. 22.15% (for total of 44.3%).  Outside of the Fiskers, insiders only own about 1%.  Apollo Global Management sponsored the SPAC for Fisker; they currently own approx. 5% of FSR.  The bulk of the remaining shares are owned by Institutions (27.1%) or General Public (22.1%).  Magna can acquire up to 6% ownership in FSR currently held as warrants which expire October 2030 (strike price is $0.01 so safe to assume they will exercise at some point).

For comparison, Musk owns approx. 14.84% of Tesla (and has been decreasing his share).  Other insiders own another 1.5%.  The bulk of the rest is Institutions (43.8%) or General Public (39.8%).  Vanguard and BlackRock are the two largest institutional shareholders for both companies.  The ratio of Institutions vs General Public is fairly close for both companies (not sure that really means anything).

The biggest difference in margins between TSLA & FSR going forward would be how they operate.  TSLA owns their own manufacturing facilities while FSR is operating on an "Asset Light" model having third party entities manufacturing their vehicles.  The Asset Light model reduces capital strain (and debt) on FSR and allows for more flexibility to increase (or decrease) production, however, their automotive gross margins will be smaller than Tesla's.  In addition, Tesla also has other sources of revenue (solar; battery storage; superchargers) while Fisker is only involved in automobile sales.  As FSR grows; they may decide to enter other segments or build their own factories but for now they are only focused on getting the Ocean out and then expanding to the PEAR/Ronin plus 1-2 more models.

🌊 Fisker Ocean One | Mariana | Sea Salt | 20” F7 AeroStealth | 7/8/22 Preorder
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Takis
(@takis)
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Thanks Sean. That's pretty much what I was looking for. For comparison, Polestar shareholders own (from what I recall) maybe 20 percent of the company, so this is much more reassuring! And @ttrinchi thank you!


   
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BayouBob
(@bayoubob)
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Posted by: @takis

Thanks Sean. That's pretty much what I was looking for. For comparison, Polestar shareholders own (from what I recall) maybe 20 percent of the company, so this is much more reassuring! And @ttrinchi thank you!

Polestar public shares are 5.9% of company (June this year post SPAC Merger). Li Shufu (Zhejiang Geely Holding Group) owns the rest more or less. Volvo Cars owns 49.5% (Mr. Li owns 82% of Volvo) and Geely owns the rest (plus some direct holdings by Mr. Li and associate businesses). Round numbers, direct public shareholders = 6%, Li Shufu 86%, other Volvo shareholders 8%. 


   
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remichex
(@remichex)
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@ttrinchi Thanks, great info 👍


   
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