Thursday, January 28, 2021

Faraday Future Set To Go Public Through SPAC

Los Angeles-based electric vehicle developer Faraday Future is joining the rush to public markets through a Special Purpose Acquisition Company (SPAC), saying this morning that it plans to list on the NASDAQ through a merger with Property Solutions Acquisition Corp.. The company said the planned merger with PSAC (which currently trades on the NASDAQ as PSAC) would provide it with an estimated $1 billion in gross proceeds. The company said the deal is expected to fully fund the production of its FF91 luxury electric vehicle, as well as future development. Faraday Future says PSAC currently has $230M in cash, and that it is in the midst of a $775M PIPE (private investment in public entity) transaction. The company says the equity value of the deal is approximately $3.4 billion. The newly combined company plans to trade under a new ticker symbol, FFIE, and will be renamed Faraday Future Inc..