Faraday Future to trade on Nasdaq on July 21
The listing date for California-based electric vehicle company Faraday Future (FF) has finally been set.
FF announced Friday that the latest version of its IPO filing, S4, is now effective and that the US Securities and Exchange Commission (SEC) has approved Property Solutions Acquisition Corp's (PSAC) plan to merge with it.
The formal merger transaction between the two parties will be completed on July 20 and the company will be listed on the Nasdaq on July 21, the company said.
FF is an electric car company founded by Jia Yueting, an entrepreneur who filed for bankruptcy in the US in October 2019 after accumulating billions of dollars in personal debt.
In March, FF announced that it had entered into a definitive agreement with PSAC, a special purpose acquisition company (SPAC), for a business combination that will result in the listing of the entity on NASDAQ under the symbol "FFIE".
PSAC's shareholders will meet on July 20, 2021, to vote to approve the formal merger with Faraday Future, FF said Friday.
Upon completion of the transaction, the combined company's stock and warrants are expected to trade under the symbols "NASDAQ: FFIE" and "NASDAQ: FFIEW" respectively.
The I in "FFIE" stands for Intelligent and Internet, and the E stands for Ecosystem and Electric, FF explained.
The merger transaction will provide FF with approximately $1 billion in capital, including $230 million in cash held in trust by PSAC.
This provides sufficient funding for mass production and delivery of the first flagship product, the FF 91, within 12 months of the closing of the transaction, the company said.
FF expects to sell more than 400,000 units over the next five years and has already received more than 14,000 orders for its first flagship model, the FF 91.
Over the next five years, FF's passenger vehicle plans will include the FF 91 series, FF 81 series and FF 71 series, with the FF 81 expected to be in mass production by 2023 and the FF 71 expected to be in mass production by the end of 2024.