Shares of Faraday Future Intelligent
Electric Inc rose about 8% to $1.17 on Monday after the
company said it had raised enough funds to start production of
its electric luxury car FF 91 Futurist in. | February 6, 2023
Faraday Future has moved to save cash in recent months by slowing development of future electric cars. Faraday stock prices rose with the production news.
BLOOMBERG
Faraday Future has agreed to go public through a merger with special-purpose acquisition company Property Solutions Acquisition Corp., reigniting hopes that the electric-vehicle startup will be able to bring its premium car to production after a long delay.
The deal values the combined company at around $3.4 billion and is expected to generate gross proceeds of more than $1 billion, according to a statement Thursday confirming an earlier Bloomberg News report. The transaction is scheduled to close in the second quarter.
Property Solutions shares closed Thursday s trading up 19 percent to $15.43.
Investor interest in EVs has surged in the midst of Tesla Inc.’s booming share price and optimism that Biden Administration policies will help spur demand. Faraday is the latest in a string of EV makers going public via a special-purpose acquisition company, following Nikola Corp., Fisker Inc. and others. Electric, autonomous or connected car-related companies raised more than