Faraday Future is going public and raising $1 billion

Faraday Future is going public and raising $1 billion

Photo by Sean O’Kane / The Verge

Faraday Future is going to become a publicly traded company on the Nasdaq stock exchange, and is raising around $1 billion in the process.

The troubled EV startup announced Thursday that it is indeed merging with special purpose acquisition corporation (or SPAC) Property Solutions, as first reported by Bloomberg earlier this month.

Faraday Future expects to be able to finish building out its factory in Hanford, California with the new funds and launch its FF91 luxury SUV “within 12 months” of the finalization of the merger, which is expected to happen in the second quarter of this year.

While it’s just the latest EV startup to announce that it’s going public via SPAC in the…

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