Shares of Faraday Future, which makes the FF 91 car, traded Thursday at $13.53, down 1.82%. At the recent share price, Faraday has a market capitalization of about $4.6 billion.
The SPAC deal added $1 billion to Faraday’s cash supply. It does business in the U.S. and China.
“We are excited to enter into this partnership with PSAC," said Chief Executive Carsten Breitfeld.
"This is an important milestone in our company’s transformation, one that we achieved with strong commitment from our employees, suppliers, and partners in the U.S. and China, as well as the city of Hanford, Calif.
Further, "I am excited that this business combination will allow us to launch the class defining FF 91, building upon the founder’s original vision to help our users and shareholders take part in shaping the future of mobility.“
Proponents of Faraday say the FF 91 is a top entrant in the luxury auto field, with a lot of exciting bells and whistles.
But detractors said the company is prone to overblown forecasts and hasn't produced any vehicles as of yet.