Is Faraday Future — the Chinese-American electric-vehicle (EV) start-up that was once the most-hyped emerging company in the space — finally about to go public?
Bloomberg is reporting that Faraday Future is in talks with a special-purpose acquisition company (SPAC), Property Solutions Acquisition (NASDAQ: PSAC), about a merger that would value the combined companies at around $3 billion.
Bloomberg says Property Solutions is seeking to raise over $400 million ahead of the transaction, presumably the amount that Faraday requires to agree to the deal.
