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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.

About $230 million will come from the money that Property Solutions raised in its SPAC. The other $775 million will come from a new funding round happening concurrently with the merger. Geely, China’s biggest privately owned automaker, is contributing “less than 10 percent” of that new investment, and $175 million is coming from an unnamed “Tier 1 Chinese City,” meaning that the Chinese government is involved...

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