PSAC - Why Shares of Property Solutions SPAC Are Higher Today
Shares of special-purpose acquisition company Property Solutions Acquisition (NASDAQ: PSAC) were trading sharply higher on Friday, after the company said that it has set a date to finalize its merger with electric-vehicle start-up Faraday Future.
As of 1 p.m. EDT today, Property Solutions' shares were up about 8.9% from Thursday's closing price.
Property Solution said that it will hold a special meeting of shareholders to approve the merger on July 20. Assuming the deal is approved (which is very likely), the merged company will adopt the Faraday Future name, and its stock will begin trading under the ticker symbol FFIE shortly thereafter.
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Why Shares of Property Solutions SPAC Are Higher Today