Asian Tech Press -- U.S. electric car startup Faraday Future (FF) will begin trading on Nasdaq on Thursday after a successful merger with PSAC, a special purpose acquisition company.

The US company Property Solutions Acquisition Corp. (PSAC) held a special shareholders meeting on Tuesday and agreed to a merger with FF.

FF expects to receive approximately $1 billion in funding when the business combination is completed.

The combined company will be renamed "Faraday Future Intelligent Electric Inc.", and its common stock and warrants are expected to begin trading on the Nasdaq Stock Market on July 22 under the ticker symbols "FFIE" and "FFIEW", respectively.

FF's flagship luxury electric vehicle FF 91 is now available for pre-order and will be mass produced and delivered within 12 months.

China's Evergrande Auto holds 20% shares of FF. With the release of the news of FF's upcoming listing and the positive news of the settlement with China Guangfa Bank, Evergrande Auto shares jumped 20%, and its parent company Evergrande Group rose over 10%.

In a filing with the SEC on July 15, Faraday Future announced that its original $175 million subscription investor, "a Chinese tier one city investor," will not invest in FF.

The Tier 1 city investor was unable to complete the investment due to foreign exchange and its investment quota has now been assigned to other mutually agreed strategic and financial investors.

At present, the new investor has already signed the investment agreement and paid the funds within the specified time.

According to informed sources, the Tier 1 city investor is Zhuhai, Guangdong province. Some media outlets said that the state-owned consortium Zhuhai, consisting of Gree Electric and Huafa Group, intends to buy into FF's entities in China with a total of about 2 billion yuan in cash, land plants, etc., and eventually introduce FF to Zhuhai.