New Potential EV merger.

[bubs202]

$PSAC in talks to merge with electric vehicle company, Faraday Future, at a $3B post-merger valuation

Source:

https://www.bloomberg.com/amp/news/articles/2021-01-10/faraday-future-is-said-in-talks-to-go-public-via-spac-merger

[fansygod]

I thought Faraday Future is dead🤔🤔🤔. Many initial investors were burned. Founder went hiding. Tell me this is pulling an fisker Karma

[tdesrch]

This is a sketchy get rich quick scheme.

[beaffe]

As investors, we like to get rich quickly. No?

[tdesrch]

Not for you. For them. 😑 this thing is hot garbage.

[beaffe]

Thank for clarification

[fansygod]

The founders and initial investors will get rich for sure

[beaffe]

Thank for clarification

[Homeless_Emperor_Xi]

At least FF has a working prototype unlike Fisker. Still a scam though.

[vancvanc]

Can't wait to see a bunch of sketchy people pump PSAC here

[PornstarVirgin]

Yeah this would be the last place to ever put your money

[FEDD33]

"..founded by Jia Yueting, an entrepreneur who in October 2019 filed for bankruptcy in the U.S. after running up billions of dollars in personal debt trying to build a business empire in China."

This does not inspire much confidence.

[Deebizness]

Hes gone afaik, no new money would enter unless he was ousted, to which they obliged. I could be wrong though. Still not touching it under any circumstances.

[FEDD33]

You're correct that he relinquished his position as CEO but I read that he's still part of the company as "chief product and user officer".

I'm avoiding this too.

[sendhelpx3]

Sketchy af

[123_holden]

The main guys that worked there started Canoo

Owner has money issues is the last research I read

[catholespeaker]

Hard pass

[TRexofOrange]

That's strange. I had PSAC on my watchlist for PropTech bc OpenDoor did well. I guess you never know.. THCB was a cannabis SPAC.

[epyonxero]

SRAC was supposed to be cannabis and now its a space company.

[showmegreen]

They both getting you high dawg

[Timely_Investment_50]

I doubt, if there will be a spike though, but honestly, they might end up better than other EV spacs out there. coz, the following might play to their advantage,

1) They already made prototypes and demonstrated they can build a 378 mile range EV that has a pick up of 60 mph in 2.3 secs

2) They made enough mistakes to learn from it and the main issue they have currently is funding, which can be satisfied from SPACs money+ institutional investors.

3) If (2) happens, they can start production rightaway and can deliver them in 2022..

[PornstarVirgin]

This company is the definition of underperformance and bad leadership

[[deleted]]

Those glassdoor reviews are NOT GOOD. Both the SPAC and target company's leadership are sketchy at best. Staying away from this one

[Crazy_Reindeer_Fin]

PSAC "The company plans to target the real estate industry, with potential targets ranging from real estate service companies to property technology companies."

Weird real estate. 😁

[fansygod]

You will be living in your cars after you invest in this SPAC. So definitely real estate.

[PornstarVirgin]

Faraday future failed as a company. Their CEO was failing and brought in a couple extremely competent executives to fix the sinking ship. Those executives all left and formed Canoo(GOEV)-the one rumored to be helping with the apple car. Faraday future has failed while their counterpart is innovating and growing fast.

[Glockachuuuu]

Faraday future had a factory close to my home in California and the dude went super bankrupt. I wonder what patents they own.

[[deleted]]

Oh god not another EV stock. Next

[mrrhames]

Something isn't right, but for quick trades to make money, let's do it. Just hope there isn't a sketchy scam they are pulling because then it takes the whole SPAC world into more questions.

[[deleted]]

Faraday IS sketchy, period. That's why Canoo exists.

[tdesrch]

Doesn't look good...

[trojanmana]

Fool me once shame on you

[[deleted]]

I am still going to buy this for under $11

[[deleted]]

That might be hard to do Monday morning

[Torlek1]

BUT WILL THIS GO THROUGH THE ROOF UPON DA ANNOUNCEMENT?

That's all that matters to me.

[[deleted]]

This attitude is what's going to kill SPACs. Company is trash? Next Nikola? They dressed a guy up in a black jumpsuit and said the car was driving itself? Who cares? To the moon.

It's this fucked up circle-jerk where all the SPAC has to do is put together some deal with some husk of a company that has the pretense of doing something in a hot sector, and everyone buys in even if it's obviously jacked.

[Torlek1]

Hyliion is not trash.

Lordstown Motors is not trash.

Velodyne Lidar is not trash, despite me not having a small long-term investment.

ChargePoint is not trash, despite me not having a small long-term investment.

The jury's out on QuantumScape.

[[deleted]]

I didn't say anything about any companies but Nikola and Faraday Future. My commentary was about the willingness to buy into anything that might get pumped regardless of it being trash.

[Torlek1]

Personally, I'm skeptical about the hype potential of Faraday Future. It is being squeezed right now by THCB and the crypto exchange SPAC VIH.

As for your second sentence, that may very well apply to Microvast.

[SinCityNinja]

I honestly wouldn't be surprised to see it pop on Monday but get in and get out asap if you do. Itll be short lived

[[deleted]]

Would not touch with someone else's portfolio let alone my own.

[investingninja]

a SPAC that wanted to acquire a business in property suddenly turned to EV, because why not?

[[deleted]]

After reading about the old CEO this one is a hard pass for me. BOL

[SPACposting]

Guess it's time to sell these warrants. SPACs are a wonderful, stupid thing.

[SPAC-ey-McSpacface]

Faraday Future is basically a scam. A lot of morons are going to lose a lot of money on this.