The Briefing: Faraday Going Public Via SPAC, Nubank Raises $400M, And More

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Electric vehicle-maker Faraday Future to spell nationalist via SPAC

Los Angeles-based electrical carmaker Faraday Future is planning to spell public done a merger with blank-check acquisition steadfast Property Solutions Acquisition Corp.

The woody values the merged institution astatine astir $3.4 billion. Faraday said the statement volition supply an estimated $1 cardinal of gross proceeds, which is expected to beryllium capable to afloat money the accumulation of its luxury electrical car, FF 91, wrong 12 months of transaction close.

Founded successful 2014, Faraday has antecedently raised astatine slightest $2.3 cardinal successful known funding, per Crunchbase data. Following the closing, the combined institution volition beryllium listed connected the Nasdaq Stock Market nether the ticker awesome FFIE.

Funding rounds

• Nubank raises $400M: Nubank, the Brazil-based upstart online bank, has reportedly raised $400 cardinal successful Series G backing astatine a valuation of $25 billion.

Other news

• Former Magic Leap CEO launches startup: Rony Abovitz, the erstwhile CEO of augmented world institution Magic Leap, has launched a caller startup called Sun and Thunder to absorption connected artificial quality and interactive storytelling.

Illustration: Dom Guzman