PSAC - Faraday Future to go public in SPAC deal

Faraday Future and SPAC specialist Property Solutions Acquisition Corp. (PSAC) announce they have entered into a definitive agreement for a business combination.Following the closing, the combined company will be listed on the Nasdaq Stock Market under the ticker symbol FFIE.The common stock PIPE includes over 30 leading long-term institutional shareholders from the U.S., Europe, and China. Anchor investors in the PIPE include a Top 3 Chinese OEM and long-only institutional shareholders.Th transaction is aimed at Faraday Future's vision to create a mobility ecosystem built upon innovations in technology and products. FF’s flagship product offering will be the FF 91, featuring industry leading 1,050 HP, 0-60 mph in less than 2.4 seconds and zero gravity seats.The FF 91 is targeted to launch within twelve months after closing of the merger.Shares of PSAC are up 12.55% in premarket action.The Faraday SPAC deal was first tipped earlier this month.

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Faraday Future to go public in SPAC deal