Tuesday, October 6, 2020

Faraday Future Plans Move To Public Markets Via SPAC

Los Angeles-based electric automobile developer Faradyay Future is hoping to make a move to the public markets, via a special purpose acquisition company (SPAC), according to reports. The company's CEO, Carsten Brietfield, disclosed the possibility of the SPAC move on Monday. Faraday Future is still working on delivering its first vehicles to market, after a long, drawn out drama over finding funding for the company linked to founder Jia Yueting, who is now bankrupt. Faraday Future said Jia no longer owns any stock in the company. Special purpose acquisition companies (SPACs) have become popular in the last year or so as a way for companies to shift to the public markets, without the intricacies of a traditional initial public offering (IPO).