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.
FF has invested over $2 billion dollars since its inception. In addition to the development of its first model FF 91, the product definition of the second model FF 81 has been completed.
Faraday Future’s Global Chief Executive Officer, Dr. Carsten Breitfeld says, “We are excited to enter into this partnership with PSAC. This is an important milestone in our company’s transformation, one that we achieved with strong commitment from our employees, suppliers, and partners in the U.S. and China, as well as the city of Hanford, California. I am excited that this business combination will allow us to launch the class defining FF 91, building upon the founder’s original vision to help our users and shareholders take part in shaping the future of mobility.”
Property Solutions Co-CEO and Chairman, Jordan Vogel, adds: “Faraday Future is a unique and differentiated electric vehicle company with significant growth prospects for the future. We believe the excellent management team, led by Dr. Breitfeld, and industry-leading technology will allow Faraday Future to reach its true growth potential.”
Established in May 2014, FF expects to sell more than 400,000 units cumulatively over the next five years, and its first flagship model, the FF 91, has received over 14,000 reservations. In addition to passenger vehicles, FF plans to launch a Smart Last Mile Delivery vehicle in 2023.