Thursday, July 22, 2021

Faraday Future Hits Public Markets Via SPAC

Los Angeles-based Faraday Future is now a publicly traded company, after a successful acquisition by a special purpose acquisition company (SPAC) called Property Solutions Acquisiton Corp., the company said on Wednesday afternoon. Faraday Future will begin trading today under the ticker symbols FFIE and FFIE.WS. Faraday Future--currently led by CEO Dr. Carsten Breitfeld--follows a number of other companies in the electric vehicle space in Southern California who have taken the SPAC route to market, even as it has yet to start shipping its first vehile, the FF 91. The company claims that, with the proceeds of the merger, it has enough resources to fully fund the production of its FF 91 within the next 12 months.

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