Property Solutions Acquisitions Corp. (NASDAQ: PSAC) stock gained by 6.94% at last close while the PSAC stock price surged by 7.84% in the pre-market trading session. Property Solutions Acquisition Corp. is a special purpose acquisition company created for the aim of acquiring one or more unique businesses by a merger, stock purchase, or other similar business combination. Jordan Vogel and Aaron Feldman, co-CEOs of PSAC, are in charge of the organization.
The investors of Property Solutions Acquisition Corp. are reminded to vote in support of the previously disclosed joint venture with FF Intelligent Mobility Global Holdings Ltd. Stockholders who possessed PSAC common stock at the close of business on June 21, 2021, are eligible to vote. Stockholders who had shares on the Record Date have the right to vote, regardless of whether they sold them later and no longer possess them on the date they cast their vote.
On July 20, 2021, at 11:00 a.m. Eastern Time, a special meeting to approve the proposed Business Combination will be conducted.
Faraday CEO Carsten Breitfeld said in a statement that the money from the acquisition will enable PSAC eventually bring its FF 91 electric luxury vehicle into production, which is expected to cost around $1 billion before fees.
He says “finally” since Faraday has been on the minds of electric vehicle investors since its debut at the Consumer Electronics Show in Las Vegas in early 2016. However, it spent $2 billion, almost went bankrupt, lost a co-founder and most of its initial staff, and battled until Breitfeld came from BMW in 2019 to right the ship.
If all goes according to plan, the FF 91 may be in production within a year. Faraday may face strong competition from competitor Lucid Motors’ Air, as well as new high-end electric luxury vehicles on the way from big companies like as Mercedes-Benz and General Motors’ Cadillac. Given its track record, I’d advise you to use caution while dealing with this business.