“The Company needs additional cash to commercially launch the FF 91,” said Faraday Future, the electric vehicle maker that went public a year ago, in an 8-K filing with the Securities & Exchange Commission Monday evening.

Faraday is the latest casualty of the craze in recent years for special-purpose acquisition companies, or “SPACs,” also known as blank-check companies. These are companies that go public without any actual business, as a shell, and use the public investor funds from the IPO to buy another company.

Faraday, founded in 2014 and headquartered in L.A., is a competitor to Tesla and Rivian and others. Its CEO, Carsten Breitfeld, has decades of auto industry experience. Breitfeld was in charge of development at BMW of the i8 luxury plug-in hybrid vehicle.

The “FF 91” mentioned here is Faraday’s first car, a luxury sedan, which the company has been telling the Street will appear in very small production numbers this year before more substantial numbers in 2023. It is among the more Sci-Fi looking of the new EVs, much more like the Batmobile than most things on the road.

Faraday was bought last year by Property Solutions Acquisition Corp., a SPAC created by real estate wheeler-dealer Jordan Vogel, after Vogel’s SPAC went public in 2020 and raised almost two hundred million dollars.