Faraday Future, a California-based electric-vehicle startup founded by fugitive Chinese tech entrepreneur Jia Yueting, is seeking to go public on the Nasdaq stock exchange and raise around $1 billion by merging with a special purpose acquisition corporation (SPAC).
The troubled EV startup said Thursday that it is merging with SPAC Property Solutions and expects to close the deal in the second quarter. About $230 million will come from cash held by Property Solutions, and Faraday will raise $775 million from cornerstone investors.
