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Why Shares of Fisker SPAC Spartan Energy Acquisition Rose Just 14.9% in July

Why Shares of Fisker SPAC Spartan Energy Acquisition Rose Just 14.9% in July

Shares of special-purpose acquisition company (SPAC) Spartan Energy Acquisition (NYSE: SPAQ) rose 14.9% in July, according to data provided by S&P Global Market Intelligence. Spartan's shares took off when news broke that it was bidding to take electric vehicle maker Fisker public in a reverse merger, the same type of transaction that brought fuel cell powered truck maker Nikola to market in June. Naturally, investors were pleased when the SPAC actually got the nod from Fisker on July 13.