Electric vehicle startup Faraday Future aims to close a deal soon to go public through a reverse merger with a special-purchase acquisition company (SPAC), its CEO said on Monday.
"We are working on such a deal ... and will be able to announce something hopefully quite soon," Carsten Breitfeld said of the possibility of a SPAC deal.
Breitfeld declined to say who Faraday is negotiating with or when a deal would close.
A SPAC is a shell company that raises money through an initial public offering to buy an operating entity, typically within two years.