Faraday Future extends its future by using a SPAC to go public autoblog.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from autoblog.com Daily Mail and Mail on Sunday newspapers.
3 Min Read
(Reuters) - 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 acquisition company, two people familiar with the matter said.
FILE PHOTO: A building of the Geely Auto Research Institute is seen in Ningbo, Zhejiang province, China August 4, 2017. REUTERS/Aly Song
The deal, which may be announced as early as Friday in the United States, will value Faraday at around $2.7 billion, the people said.
Significant Chinese involvement could be an early policy test for U.S. President Joe Biden’s new administration, given escalating concerns in Washington over the national security implications of China’s technological ascendance.
Faraday Future Goes Wall-Street n Via NASDAQ Estimated $3.4 Billion Valuation
January 28, 2021; Faraday Future (FF) is set to become the latest mobility company to list on the stock market in the U.S. The California-based intelligent mobility ecosystem group, and Property Solutions Acquisition Corp. NASDAQ: PSAC), a special purpose acquisition company (SPAC), have entered into a definitive agreement for a business combination.
The deal values FF at approximately $3.4 billion.
Following the closing, which is expected in Q2, 2021, the combined company will be listed on the Nasdaq under the ticker symbol ‘FFIE’. The transaction will provide $1.0 billion of gross proceeds to the combined company, providing sufficient funds to support the scaled production and delivery of its FF 91 model.
Electric-vehicle firm Faraday Future to go public via US$3.4 billion SPAC deal Toggle share menu
Advertisement
Electric-vehicle firm Faraday Future to go public via US$3.4 billion SPAC deal Electric vehicle maker Faraday Future has agreed to go public through a merger with blank-check firm Property Solutions Acquisition Corp in a deal valuing the combined entity at US$3.4 billion, the companies said on Thursday.
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
28 Jan 2021 05:55PM (Updated:
28 Jan 2021 09:00PM) Share this content
Bookmark
REUTERS: Faraday Future will go public through a merger with Property Solutions Acquisition Corp in a deal valuing the combined entity at US$3.4 billion, becoming the latest electric-vehicle firm to join the blank-check dealmaking frenzy.
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