Faraday Future and Property Solutions Acquisition Corp. Announce Closing of Business Combination; Faraday Future to Trade on NASDAQ Under Ticker "FFIE" Beginning on July 22, 2021
Faraday Future ("FF"), a California-based global shared intelligent mobility ecosystem company, announced that it has completed its previously announced merger with Property Solutions Acquisition Corp. ("PSAC"), a special purpose acquisition company. The transaction, which was approved by PSAC's stockholders in a special meeting held on July 20, 2021, resulted in the combined company being renamed "Faraday Future Intelligent Electric Inc.", with its common stock and warrants to commence trading on the Nasdaq Stock Market on July 22, 2021 under the ticker symbols "FFIE" and "FFIE.WS", respectively.
"Today is a new chapter in FF's history, and we are thrilled to be a public company with industry leading technology, unrivaled new products, and a world class experienced team to drive the success of FF for years to come," said Dr. Carsten Breitfeld, FF's Global CEO. "We want to thank the stockholders of PSAC and PIPE investors for their support, reaching this milestone is a testament to the trust and confidence that such stockholders and investors have placed in our leadership, technology and business model."
"Carsten and the FF management team have demonstrated impressive leadership throughout the business combination process. With the transaction proceeds, we believe FF has the resources to fully fund the production of the class defining FF 91 within 12 months of transaction close," said former PSAC Co-CEO and Chairman Jordan Vogel.
The business combination will result in gross proceeds of approximately $1 billion to FF. The transaction proceeds are expected to fully finance the launch of the class defining FF 91 into the market within 12 months after closing, building upon FF's vision to help its users and stockholders take part in shaping the future of mobility.
Users can reserve an FF 91 now at: https://www.ff.com/us/reserve.
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