Here are the key points of the deal:
1. Property Solutions will bring about $230 million in cash.
2. A PIPE (for "private investment in public equity") funded by outside investors including Chinese automaker Geely Automobile Holdings (OTC: GELYF) will add another $775 million.
3. The post-merger company, which will retain the Faraday name, will have a valuation around $3.4 billion.
Post-merger, Faraday is expected to net about $750 million in cash from the deal. That's enough, CEO Carsten Breitfeld said, to get its FF 91 electric luxury car into production in about a year.