Faraday is partnering with SPAC for its new electric vehicle
The merger is supposed to raise up to 400m dollars for the EV maker.
Faraday & Future Inc. is considering an IPO through a merger with the special purpose vehicle Property Solutions Acquisition Corp. EV startup Faraday Future is looking into a deal with the blank check company, Bloomberg has reported, citing people familiar with the matter. Property Solutions is said to aim to raise over $ 400 million, which would bring the Faraday Future valuation to $ 3 billion. The startup already has $ 2.3 billion in equity through equity and debt financing. The California-based company said it would begin selling its EV SUV, dubbed the FF 91, a year after the financing closed.