WeissLaw LLP is investigating whether PSAC s board acted in the best interest of PSAC s public shareholders in agreeing to the proposed transaction, whether the board was fully informed as to the valuation of Faraday Future, and whether all information regarding the process undertaken by the board and the valuation of the transaction will be fully and fairly disclosed to PSAC public shareholders.
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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.
BENGALURU (Jan 28): 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 latest firm to take the SPAC route to enter public markets.
The Los-Angeles-based startup joins a growing list of EV makers in a hot sector that includes Tesla Inc as the adoption of electric vehicles grows across the world.
Fisker Inc and Nikola Corp also went public through SPACs last year.
Faraday and Property Solutions said on Thursday the deal, supported by a private investment of US$775 million, is expected to fetch Faraday Future US$1 billion in gross proceeds.
SPAC Boom Propels Electric Carmakers to Public Markets
Bloomberg 1/22/2021 Ed Ludlow and Crystal Tse
(Bloomberg) Until June last year, Tesla Inc. was the only dedicated electric carmaker based in the U.S. on the stock market. Then special purpose acquisition companies took over Wall Street.
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SPACs, or blank-check companies, are shell vehicles that raise money to take a private company public via a reverse merger. Unlike traditional initial public offerings, SPAC deals allow listing candidates to market financial projections to investors, a perk for earlier stage companies that have yet to prove their business model.
Electric-vehicle companies, many of which are yet to launch commercial products, have taken advantage of that. Nikola Corp. was the first high profile one to go public via a SPAC listing, followed by others including Lordstown Motors Corp., Fisker Inc. and Canoo Inc.