Photographer: Patrick T. Fallon / Bloomberg
Photographer: Patrick T. Fallon / Bloomberg
Faraday & Future Inc., an electric vehicle startup, is in talks to go public through a merger Property Solutions Acquisition Corp., a blank check company, according to knowledgeable people.
The special-purpose acquisition company aims to raise more than $ 400 million in equity to support the transaction, which will value the combined entity at approximately $ 3 billion, the people said. As with any unfinished deal, it’s possible for terms to change or talks to fall apart.
A Faraday spokesperson did not respond to multiple requests for comment. A Property Solutions representative declined to comment.
Los Angeles-based Faraday, led by Chief Executive Officer Carsten Breitfeld, was founded by Jia Yueting, an entrepreneur who filed for bankruptcy in the US in October 2019 after incurring billions of dollars in personal debt building a business empire in China . The company this week appointed Zvi Glasman, the former Chief Financial Officer of Fox Factory Holdings, as CFO.
The company has said its flagship, known as FF 91, will go on sale about a year after the close of a successful round of financing.
Property Solutions, led by chairman and co-CEO Jordan Vogel, raised $ 230 million in an IPO in July 2020. The company, which can pursue a combination in any industry, said at the outset that it plans to target businesses. serving the real estate industry, including real estate technology.
Electric vehicle companies including Nikola Corp. and Fisker Inc., have gone public in recent years by merging with blank check companies.