Chinese automaker Geely will be an anchor investor in a plan by U.S. electric vehicle firm Faraday Future to go public through a merger with a blank-check…
Electric-vehicle firm Faraday Future to go public via $3 4-billion SPAC deal theglobeandmail.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from theglobeandmail.com Daily Mail and Mail on Sunday newspapers.
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3 Firms Drive SPAC Deal Valuing Electric Car Startup At $3.4B
Law360 (January 28, 2021, 10:31 AM EST) Electric car startup Faraday Future will go public at a roughly $3.4 billion valuation by merging with a special purpose acquisition company backed by investment advisory firm Karpus Investment Management, the companies said Thursday, in a deal powered by Sidley Austin, O Melveny & Myers and Latham & Watkins.
The agreement sees Los Angeles, California-headquartered Faraday Future combining with New York-based Property Solutions Acquisition Corp., and the resulting entity will list on the Nasdaq Stock Market under the ticker symbol FFIE, according to a statement.
Faraday Future, formed in 2014 by Chinese entrepreneur and businessman Jia Yueting, has developed what it calls.
By Reuters Staff
3 Min Read
(Reuters) - Faraday Future will go public through a merger with Property Solutions Acquisition Corp in a deal valuing the combined entity at $3.4 billion, becoming the latest electric-vehicle firm to join the blank-check dealmaking frenzy.
Faraday Future s luxury electric car FF91 is seen at the company s headquarters in Gardena, California, U.S. November 21, 2019. REUTERS/Lucy Nicholson
With the global EV business, dominated by the likes of Tesla Inc, growing at an explosive pace, a flurry of EV makers are rushing to tap the red-hot initial public offering (IPO) market.
Other prominent players in the sector such as Fisker Inc and Nikola Corp also went public through mergers with so-called special purpose acquisition companies (SPACs) last year.
socaltech.com
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