Faraday Future and Property Solutions Acquisition today announced a definitive agreement for a business combination valued at $1 billion. Following the closing, the combined company would list on the Nasdaq under FFIE.
Faraday Future is a California-based EV startup.
The transaction reflects an implied equity value of the combined company of approximately $3.4 billion.
Terms call for the company to receive $230 million in cash held by Property Solutions in trust, assuming no redemptions, and an upsized, $775 million fully-committed common stock PIPE at $10 per share. Read more.
