Property Solutions Acquisition Corp. Announces Stockholder Approval of Business Combination with Faraday Future
Property Solutions Acquisition Corp. ("PSAC") (NASDAQ: PSAC), today announced the results for the ten proposals considered and voted upon by its stockholders at its special meeting on July 20, 2021. PSAC reported that all of the proposals related to the previously announced business combination agreement between PSAC and Faraday Future ("FF") were approved by the PSAC stockholders at the special meeting. A Form 8-K disclosing the full voting results has been filed with the Securities and Exchange Commission.
Additionally, the deadline for electing redemptions has passed, and 99.91% of funds will remain in PSAC's trust account as of closing. As a result, FF expects to receive approximately $1 billion in gross proceeds at the time of the business combination.
The closing of the business combination is anticipated to take place on or about July 21, 2021. Following closing of the business combination, PSAC will be renamed "Faraday Future Intelligent Electric Inc." and its common stock and warrants are expected to commence trading on the Nasdaq Global Exchange on or about July 22, 2021 under the ticker symbols "FFIE" and "FFIE.WS", respectively.
About Faraday Future
About Property Solutions Acquisition Corp.
Property Solutions I is a $230 million SPAC formed in July 2020 and is traded on the Nasdaq under the ticker symbol "PSAC".