EV startup Faraday Future may trade on Nasdaq in July

Electric carmaker Faraday Future is now another step closer to getting listed. If things go well, it will start trading on Nasdaq on July 21 this year, said the carmaker on Friday.

The California-based startup, founded by controversial Chinese businessman Jia Yueting in 2014, is planning to go public via a merger with Property Solutions Acquisition Corp, a special purpose acquisition company.

Faraday Future said the registration statement filed on their merger has won the approval of the United States Securities and Exchange Commission.

A special meeting of PSAC stockholders will be held on July 20, 2021, and their approval will see the combined company’s stock and warrants to trade on Nasdaq the next day, said Faraday Future.

PSAC chairman and Co-CEO Jordan Vogel, said “We encourage PSAC’s stockholders to approve the business combination and look forward to completing the proposed transaction with FF and continuing with the next chapter of FF as a public company."

The merger will provide an estimated $1.0 billion of gross proceeds to cash-strapped Faraday Future, including $230 million in cash. Faraday Future said this will fully fund the production its first model, the FF 91.

Faraday Future said the FF 91, which accelerates from zero to 100 km/hour in 2.4 seconds and can be ordered online now, is scheduled to be delivered within twelve months after the business combination is closed.

"The merger and listing with PSAC is an important milestone for FF, which is accomplished with the firm commitment of our employees, suppliers, global partners, and the city of Hanford, California,” said Carsten Breitfeld, Global CEO of Faraday Future.

Faraday Future has a manufacturing facility in Hanford, California, and it is working with a contract manufacturer in South Korea.

It is exploring the possibility of building manufacturing capacity in China through the joint venture between Geely and Foxconn.

In addition to the FF 91, The company is also planning to launch the FF 81 series in 2023 and the FF 71 series in 2024. It said the definition of the FF 81 has been completed, and its research and development work is in progress.

Faraday Future expects to sell more than 400,000 vehicles cumulatively over the next five years.