Faraday will unite with PSAC (Property Solutions Acquisition Corp), while Geely will help bankroll a $775Mn funding in the form of PIPE Geely, one of Chinaâ€™s leading automaker, will reportedly be an anchor investor in the merger deal between U.S. electric vehicle (EV) firm, Faraday Future and PSAC, a blank-check acquisition company.Â The deal, soon to be announced in the U.S., will value Faraday at about $2.7 billion. As per reliable sources, Faraday will merge with PSAC (Property Solutions Acquisition Corp), while Geely will help bankroll a $775 million financing package in the form of PIPE (private investment in public equity). PSAC is a special purpose acquisition company, a category of firms that raise funds in an IPO (initial public offering) with an aim of buying a private company. This concept emerged last year as a popular investment vehicle on Wall Street. While for businesses that are being acquired by such firms, the merger acts as an alternative way for them to go public over a traditional IPO. Founded in 2014, Faraday Future was the brainchild of Jia Yueting, a Chinese businessman who was once slated to be Chinaâ€™s answer to Teslaâ€™s Elon Musk. Based in Los Angeles-based, Faraday first announced its plans to build the FF 91, an all-electric vehicle. The company had touted plans for a 2019 launch but faced a delay in production plans multiple times given to a series of financing issues. As of now, Faraday Future aims at setting up a new base in China and opt Geely for contract manufacturing services. Prior to this, the company had already established a plant in Hanford, California. Speculations are made that other Chinese state-owned companies such as Zhuhai Huafa Group and Zhuhai Gree Group are also looking to pump in funds in the SPAC deal.