Faraday Future SPAC Presentation Deck
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
Faraday Future
(1)
(2)
Dr. Carsten Breitfeld
Global CEO
Founder, Chairman & CEO of
BYTON
Vice President and Head of BMW i8
Program
Bob Mancini
Chief Executive Officer, RMG
Former Partner, Founder & Co-
Head of Power Investment
Business at Carlyle
Jordan Vogel
Co-CEO, PSAC
RMG
Ⓒ2021 FARADAY FUTURE
Former MD, Co-Founder & Head of
Power Investment Business at
Goldman Sachs
Jerry Wang
VP, Capital Markets
- Co-founder, Global Galaxy
Director, Corporate Finance, LeEco Group
Co-founder Benchmark Real
Estate Group
PROPERTY SOLUTIONS
ACQUISITION CORP
(CFD)
Zvi Glasman
CFO
izma
CFO, Fox Factory Holdings
3 previous CFO roles
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
Transaction
Structure
6
Valuation
Post-Money
Ownership /
Capital
Structure(1)
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
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
Debt
converted
to equity
17.2%
PIPE
shareholders
23.5%
- Transaction expected to
result in $738 million net
proceeds to the company,
assuming no redemptions of
SPAC public shareholders
SPAC
shareholders
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 Cityand is subject to customary regulatory approvals.
38
SPAC sponsor
2.1%
Seller rollover
equity
50.3%
PROPRIETARY AND CONFIDENTIALView entire presentation