Faraday Future is the latest electric-car maker to come public through a blank-check company, saying Thursday it has agreed to go public after a merger with special-purpose acquisition company Property Solutions Acquisition Corp.
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The deal values the combined company at $3.4 billion. Investors include “leading” institutional shareholders in the U.S. and Europe and unnamed “top 3” Chinese car maker and a large city in China, Faraday Future said. Reuters reported earlier this week that Chinese auto maker Geely was involved, citing two people familiar with the matter. The deal will provide $1 billion to Faraday Future, “sufficient funds” to support the production and delivery of the company’s FF 91 electric vehicle, to be sold in the U.S. and in China. The new company will list on the Nasdaq under the ticker symbol FFIE. Faraday Future debuted a concept car at CES in 2016 and aimed to sell it in a couple of years, but production was delayed amid executive changes and other issues.
