PSAC - Property Solutions SPAC Stock Soars on Report of Faraday Future Deal
Shares of Property Solutions Acquisition (NASDAQ: PSAC) , a special-purpose acquisition company (SPAC), surged on Monday after a report that it may be close to a merger deal with electric-vehicle start-up Faraday Future.
As of 11:30 a.m. EST, Property Solutions' stock was up about 18.1% from Friday's closing price.
Bloomberg reported that Property Solutions is in talks to merge with Los Angeles-based Faraday Future in a deal that would take Faraday public at a valuation around $3 billion.
For further details see:
Property Solutions SPAC Stock Soars on Report of Faraday Future Deal