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Sep 03, 2020

Fisker appoints former Wolfe analyst Dan Galves as vice president of investor relations

Electric carmaker previously announced plans to list via Spac vehicle

US electric carmaker Fisker has appointed former sell-side analyst Dan Galves as its new vice president of investor relations.

Galves joins the California-based company from Wolfe Research where he covered the automotive sector, specializing in technology trends. He has also held equity research roles at Credit Suisse and Deutsche Bank.

Fisker is not Galves’ first foray into investor relations. Prior to Wolfe Research, he served as chief communications officer at Mobileye, a supplier of driver assistance systems, where he managed global IR along with media relations and government affairs.

‘Dan brings a wealth of experience to Fisker and will be integral to communicating the company’s revolutionary business model to the financial markets,’ says Henrik Fisker, chairman and CEO of the company, in a statement.

‘As we challenge conventional thinking across every area of the automotive industry, Dan understands our vision and will be part of the management team to help realize it.’

Fisker announced in July that it would go public through a merger with a special purpose acquisition company (Spac) backed by Apollo Global Management. The transaction values the carmaker at $2.9 bn.

The listing comes at a time of high investor interest in both electric vehicles and Spac-based IPOs. Earlier this year, Nikola, which manufacturers electric trucks, went public through a merger with a blank-check company. The stock has subsequently climbed more than 400 percent.  

Hyliion, a rival electric truck company, said in June it would also list publicly via a Spac transaction, with the deal expected to bring in $560 mn.

IR consultants say the process of ‘de-Spacing’ – where the target company merges with a Spac vehicle – requires an intense program of investor engagement. At this point, the new entity will inherit many investors from the shell company that are not long-term holders.

‘You need to now build a shareholder base [of] more traditional, fundamental investors that understand your industry [and] your business,’ said Phil Denning, a partner at ICR, speaking on IR Magazine’s Ticker podcast in May.