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Property Solutions Acquisition Corp. II (PSAG) announced it will redeem all outstanding shares of Class A Common Stock effective December 22, 2022, subject to stockholder approval at a Special Meeting on the same date. If approved, the company will cease operations and redeem shares at approximately $10.10 each from its trust account, which had about $320.4 million as of December 6, 2022. Following the redemption, PSAG will liquidate and dissolve in compliance with Delaware law, and NASDAQ will initiate delisting procedures for its securities.
Property Solutions Acquisition Corp. II announced it received a notice from Nasdaq regarding non-compliance with Listing Rule 5250(c)(1) due to failure to timely file its Quarterly Report on Form 10-Q for Q1 2021. This notice has no immediate effect on its securities listing. The delay is attributed to a reevaluation of the accounting treatment of its warrants as liabilities, following SEC guidance. The company has until July 26, 2021, to submit a compliance plan, with a potential extension until November 22, 2021, if accepted. The company aims to file the Form 10-Q promptly.
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