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Property Solutions Acquisition Corp. (PSAC) has announced that stockholders approved all proposals related to its business combination with Faraday Future (FF) during a special meeting on July 20, 2021. Following the approval, 99.91% of funds will remain in PSAC’s trust account, positioning FF to receive approximately $1 billion in gross proceeds at closing anticipated on July 21, 2021. PSAC will subsequently be renamed Faraday Future Intelligent Electric Inc., with trading on Nasdaq expected to start on July 22, 2021, under the tickers FFIE and FFIEW.
Property Solutions Acquisition Corp. (PSAC) announced that all proposals regarding its business combination with Faraday Future (FF) were approved by shareholders on July 20, 2021. The deadline for redemptions passed with 99.91% of funds remaining in PSAC's trust, ensuring FF approximately $1 billion in gross proceeds. The closing of the business combination is anticipated around July 21, 2021, after which PSAC will be renamed Faraday Future Intelligent Electric Inc., with trading expected to begin on July 22 under the ticker symbols FFIE and FFIE.WS.
Faraday Future announced that 99.91% of the funds will remain in Property Solutions Acquisition Corp. (PSAC) trust account, affirming strong investor confidence as PSAC's business combination with FF approaches. The combination, set to close on July 21, 2021, is expected to generate approximately $1 billion in gross proceeds. Additionally, FF plans to celebrate its public listing with an opening bell ceremony at Nasdaq on July 22, 2021, and will unveil its FPO program and the reservation policy for the FF 91 Futurist during an online event.
Faraday Future has launched the FF Intelligent App, enhancing user engagement by allowing reservations for the FF 91 electric vehicle. The app, available on iOS and Android, enables users to create a FFID, reserve test rides, and join the Futurist Product Officer program. This initiative aligns with FF's strategy to foster a user ecosystem, leveraging input for product development and innovation. The FF 91 boasts impressive specs, including 1,050 HP and a 0-60 mph time of under 2.4 seconds, with deliveries expected within a year post-business combination completion.
Property Solutions Acquisition Corp. (PSAC) is urging stockholders to vote on the proposed business combination with FF Intelligent Mobility Global Holdings Ltd. (Faraday Future). Stockholders of PSAC as of June 21, 2021, can vote regardless of any subsequent share sales. The Special Meeting for approval is scheduled for July 20, 2021, at 11:00 AM ET, accessible via live webcast. PSAC's board supports the proposal, encouraging stockholders to vote by July 19, 2021. More details about the voting process are provided in the press release.
Faraday Future will host an investor day on September 21, 2021, at its Los Angeles headquarters. The event will feature a test drive of the FF 91, an overview of advanced technologies, supply chain updates, and FF's user ecosystem strategy. The company is set to complete its merger with Property Solutions Acquisition Corp. (NASDAQ: PSAC) on July 21, 2021, expected to generate about $1 billion in gross proceeds. Interested institutional investors can register by emailing ir@faradayfuture.com.
Faraday Future held supplier town hall meetings on June 30 and July 6 to discuss the status of the FF 91 program and upcoming business combination with PSAC, anticipated to close on July 21, 2021. The Vendor Trust program offers suppliers enhanced collateral and repayment protections in exchange for their support in launching the FF 91. Upon closing, most of the secured vendor trust will convert to equity in FFIE, enabling suppliers to become shareholders. A Special Meeting for PSAC stockholders is set for July 20, 2021, to approve the transaction.
Property Solutions Acquisition Corp. (PSAC) is urging its stockholders to vote in favor of its business combination with Faraday Future (FF), a global intelligent mobility company. If approved, this merger will see FF publicly listed on Nasdaq under the symbol 'FFIE'. The special meeting for stockholder votes is set for July 20, 2021, and stockholders must vote by 11:59 p.m. Eastern Time on July 19, 2021. PSAC emphasizes the importance of participation for stockholders and provides various voting methods.
Faraday Future (FF) announced that its merger with Property Solutions Acquisition Corp (PSAC) has received regulatory approval as the Registration Statement on Form S-4 became effective. The special stockholder meeting is set for July 20, 2021, where stockholders will vote on the business combination, anticipated to close on July 21, 2021. The merger is expected to provide around $1 billion in gross proceeds, vital for launching FF's luxury electric vehicle, the FF 91, projected for delivery within 12 months post-merger.
Property Solutions Acquisition Corp. (PSAC) announced that the SEC has declared effective its Registration Statement on Form S-4 regarding its proposed business combination with FF Intelligent Mobility Global Holdings Ltd., the parent of Faraday Future (FF). A special meeting for PSAC stockholders to approve the merger will occur virtually on July 20, 2021. Following stockholder approval, the deal is expected to finalize around July 21, 2021. The combination aims to support the launch of FF's electric vehicle, the FF 91, featuring advanced technology and a unique user experience.
