EV startup Faraday Future is seeking to go public via a reverse osmosis with a special-purchase acquisition company (SPAC), in line with its CEO, Carsten Breitfeld.
A SPAC functions as a shell company that raises money via an IPO (initial public offering) to buy an operating entity, normally within a couple of years. This is a quick way for companies to enter the stock exchange, as SPACs could be particularly useful for tech startups, reports Reuters.
“We are focusing on this a deal and will be able to announce something quite soon,” said Breitfeld, who failed to say that Faraday is negotiating or when just a bargain could shut.
Read Also: Faraday Future Tried To Hijack The Tesla Plant Discussion, Twitter Wasn’t Having Any Of It
The FF CEO failed to add his company could deliver its very first electrical luxury SUV, the FF 91, nine months later securing funds, with production beginning 12 months after completing such a offer. The EV startup intends to raise $800 to $850 million to be able to launch the FF 91.
The latter will probably be constructed initially at Faraday’s plant at Hanford, California, but finally production will change to a contract producer in Asia by which FF signed an agreement. Breitfeld failed to identify the contract maker.
The FF 91 boasts a multi-motor powertrain with up to 1,050 HP (1,065 PS), allowing you to reach 60 miles (96 km/h) in less than 3 seconds. Inside, you’ll find a max of 11 screens, such as an ultra-wide 27-inch display that contrasts in the roof if you go for the optional Rear Cinema Experience.
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