Official announcement! FF plans to be listed on Nasdaq, the first flagship model FF 91 has received more than 14,000 orders

  

FF is finally waiting to be listed.

On the evening of January 28, according to Reuters, the Faraday Future Automobile Company (“FF”) founded by Jia Yueting officially announced that it will soon land on the Nasdaq market.

The merger, which could be announced in the U.S. as early as Friday, would value Faraday Future at about $2.7 billion.

Faraday Future has agreed to go public through a merger with shell company Property Solutions Acquisition Corp (PSAC) and a Nasdaq listing through a special purpose acquisition transaction (SPAC), Reuters said, valuing the combined company at $3.4 billion , the stock symbol is “FFIE”.

The SPAC go-to-market route is a Model that electric vehicle makers around the world have followed in recent years. SPACs have become a popular way to go public for companies seeking less regulatory scrutiny and more certainty about going public than a traditional initial public offering (IPO). Last year, global electric vehicle companies Fisker and Nikola also went public through SPACs last year.

A shell company raises money through an initial public offering (IPO) and within two years mounts and goes public with another company. Last July, PSAC raised about $200 million in an IPO.

Faraday Future and PSAC also said on Thursday that the merger, backed by an oversubscribed private investment of $775 million, will provide Faraday Future with about $1 billion in funding and will provide Faraday Future’s first electric vehicle, the FF91. support for mass production and delivery.

Faraday Future disclosed that the common stock PIPE listed this time includes more than 30 long-term institutional shareholders from the United States, Europe and China. PIPE’s cornerstone investors include large financial institutions from the United States and Europe, China’s top three private auto OEMs, and China’s first-tier cities. PIPE is an investment method in which private equity funds, mutual funds or other qualified investors purchase shares of listed companies at a certain discount rate to the market price to expand the company’s capital.

Earlier, the media quoted people familiar with the matter as saying that Geely will become the main investor in Faraday Future’s SPAC listing plan; Chinese state-owned enterprises Zhuhai Gree Group and Zhuhai Huafa Group will also invest in SPAC transactions.

In this regard, Faraday Future told the media: “Everything is subject to the content of the announcement.”

 1

FF 91 has received 14,000 orders

According to FF, the company has received more than $2 billion in investment since its inception.

In addition to the development of the first model FF 91, the product definition of the second model FF 81 has been completed, and research and development work is also actively advancing. In the next five years, FF’s B2C passenger car plan will include FF 91 series, FF 81 series and FF 71 series.

FF expects sales to exceed 400,000 units in the next five years, and its first flagship model, the FF 91, has received more than 14,000 orders.

The news also said that Faraday Future plans to build a new base in China, and Geely will become its contract manufacturing service provider. Geely has been looking to partner with big technology companies to enhance its technological prowess, including by partnering with technology companies such as Baidu and Foxconn to enhance its capabilities in areas such as autonomous driving.

  2

This may be the closest Jia Yueting is to his dream of building a car

Going public has always been Faraday Future’s goal.

From LeTV to FF, Jia Yueting’s dream of building a car has persisted for 7 years.

In 2014, Jia Yueting founded FF and used Tesla as a benchmark. The investor of FF at that time was the LeTV Group, which was once in charge of Jia Yueting.

Two years later, the LeTV system collapsed, and Jia Yueting, who was included in the “Lao Lai” list by the court, flew to the United States to focus on the FF car-building project, trying to find an opportunity to turn over. The stalk of his “returning to China next week” has been passed down to this day.

In just two years from 2016 to 2017, FF quickly launched the concept car single-seat FFZERO1, released the first mass-produced electric car FF91, and announced that the FF91 will be officially launched in 2019.

Then, at the end of 2017, FF announced the completion of a $1 billion A round of financing. Jia Yueting became the global CEO and chief product officer of FF with a high profile, and began to promote a series of organizational changes and strategic execution.

In October 2019, Jia Yueting, who was still in debt, released a personal bankruptcy and reorganization plan, resigned as the CEO of Faraday Future, and became the chief product and user officer (CPUO) of FF, officially changing from the founder to a “worker”.

But Jia Yueting, who has always been expected to “return to China next week”, has yet to honor his “return to China next week”. Only in media reports, the mass production plan of FF91 has been repeatedly delayed, and reports of Jia Yueting seeking financing have been reported from time to time.

Perhaps, this time, Jia Yueting is the closest to his dream of building a car.

 

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