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