Hyperdrive

EV Maker Faraday Agrees to Property Solutions SPAC Merger

Transaction values the combined company at about $3.4 billion
CEO Breitfeld says Faraday is now ‘close’ to production

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By Edward Ludlow, Gillian Tan, and Crystal Tse

January 28, 2021 at 9:54 AM UTC

Updated on

January 28, 2021 at 10:42 AM UTC

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Faraday Future has agreed to go public through a merger with blank-check firm 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.