A Differentiated and Compelling Investment Opportunity
Proposed Transaction Summary
Property Solutions Acquisition Corp ("PSAC”), in partnership with Riverside Management Group ("RMG"), has identified Faraday Future as a highly attractive
business, whose industry-leading technology and disruptive products will enable it to play a leading role in the future of advanced, connected and electric mobility
Dr. Carsten Breitfeld
Global CEO
―
Founder, Chairman & CEO of
BYTON
Faraday Future
Vice President and Head of BMW i8
Program
Jerry Wang
VP, Capital Markets
Zvi Glasman
CFO
-
CFO, Fox Factory Holdings
Transaction
Structure
-
-
3 previous CFO roles
-
Co-founder, Global Galaxy
Director, Corporate Finance, LeEco Group
Valuation
-
-
Property Solutions Acquisition Corp. has proposed to enter into a
business combination with Faraday Future ("FF")
Target filing initial S-4 by early February 2021 with transaction
close expected in Q2 2021
Proceeds from the transaction expected to fully fund launch and
sales of FF 91, expected 12 months after funding
Transaction implies a pro forma enterprise value of $2,642 million
0.3x 2024E revenue of $10,555 million
- 2.9x 2024E EBITDA of $914 million
(1)
(2)
HIERDIE MANAGEMENT GROUP
Bob Mancini
Chief Executive Officer, RMG
Former Partner, Founder & Co-
Head of Power Investment
Business at Carlyle
Former MD, Co-Founder & Head of
Power Investment Business at
Goldman Sachs
Jordan Vogel
Co-CEO, PSAC
-
Co-founder Benchmark Real
Estate Group
PROPERTY SOLUTIONS
ACQUISITION CORP.
Debt
converted
to equity
17.2%
SPAC sponsor
2.1%
Phil Kassin
President and COO, RMG
-
Former Senior MD at
Evercore
Former Head of M&A and
Financing at Access
Industries
Aaron Feldman
PSAC, Co-CEO
Co-founder Benchmark Real
Estate Group
-
Post-Money
Ownership/
Capital
Structure(1)
-
The transaction will be funded
by a combination of PSAC
cash held in trust of $230
million and $795(2) million
proceeds from the PIPE
PIPE
Transaction expected to shareholders
result in $738 million net 23.5%
proceeds to the company,
assuming no redemptions of
SPAC public shareholders.
Seller rollover
SPAC
shareholders
equity
50.3%
6.9%
RMG led an extensive, multi-month long due diligence effort, focusing in particular on FF's technology, governance and business plan
See page 44 for key assumptions and additional details.
$175 million of the $795 million PIPE is from a Tier 1 Chinese City and is subject to customary regulatory approvals.
© 2021 FARADAY FUTURE
PROPRIETARY AND CONFIDENTIAL
CO
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