Property Solutions Acquisitions Corp. (NASDAQ: PSAC) stock gained by 0.2% at last close while the PSAC stock price surged by 15.95% in the pre-market trading session. Property Solutions Acquisition Corp. is a specific purpose acquisition company created for the aim of acquiring one or more unique businesses by a merger, stock purchase, or other similar business combination.
The Securities and Exchange Commission has stated effective Property Solutions Acquisition Corp.’s Registration Statement on Form S-4, which was submitted in link with the previously reported proposed business conjunction with FF Intelligent Mobility Global Holdings Ltd which is the parent company of Faraday Future (“FF”).
On July 20, 2021, an online special meeting of PSAC stockholders will be convened to authorize, among other things, the proposed corporate merger. The Special Meeting will be scheduled in a virtual meeting format solely due to public health concerns about the new coronavirus. PSAC also confirmed today that it has filed a definitive proxy statement/prospectus relating to the Special Meeting with the Securities and Exchange Commission (SEC) and anticipates to begin mailing on or about June 26, 2021, to its stockholders of record as of the close of business on June 21, 2021 (the “Record Date”).
Jordan Vogel, Chairman and Co-CEO of PSAC commented,
They are pleased to have reached this point in the transaction process, and they look forward to finalizing the planned business combination with FF as the firm begins its new chapter as a public company with the approval of PSAC investors.
Dr. Carsten Breitfeld, Global CEO of FF stated,
FF was founded with the goal of being a one-of-a-kind electric vehicle company that will really shape the future of mobility by developing cars that redefine mobility, transit, and connection. They are incredibly happy with PSAC’s development since the announcement of the PSAC acquisition, including the launch of the FF Futurist Experience in New York City, which allows users to experience their class-defining FF 91. The money obtained from this joint venture will enable them to introduce the FF 91, which will serve as the cornerstone of their brand DNA, while they continue to develop their premium mass market cars, the FF 81 and FF 71.