Electric carmaker Faraday Future to go public

Electric carmaker Faraday Future agreed to go public through a merger with Property Solutions Acquisition Corp in a deal valued at $3.4bn, the company said on Thursday.

According to Reuters, Faraday and Property Solutions said on Thursday that the deal, supported by a private investment of $775m, is expected to fetch Faraday Future $1bn in gross proceeds.

The combined company will be listed on Nasdaq under the ticker symbol "FFIE", the companies said.

The Los-Angeles-based startup joins Fisker Inc and Nikola Corp that also went public through Special Purpose Acquisition Companies the year before. In 2020, Property Solutions raised around $200m in its own IPO.

SPACs such as Property Solutions are shell companies that raise money through an initial public offering in preparation for taking another company public within two years.