EV startup Faraday Future today said 99.91% of the funds remain in merger partner Property Solutions Acquisition’s trust account as of the merger closing. The company said redemptions were “minimal” ahead of the shareholder vote, which is set for tomorrow.
Faraday said it remains on track to complete its business combination with Property Solutions on July 21. The deal is expected to provide approximately $1 billion in gross proceeds.
Announced in January, 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. Read more.