Property Solutions Acquisition Corp. Announces Shareholder Approval of Business Combination with Faraday Future
NEW YORK–(COMMERCIAL THREAD) – Property Solutions Acquisition Corp. (“PSAC”) (NASDAQ: PSAC), today announced the results of the ten proposals reviewed and voted on by its shareholders at its special meeting on July 20, 2021. The PSAC reported that all proposals relating to the The previously announced business combination agreement between PSAC and Faraday Future (“FF”) was approved by PSAC shareholders at the special meeting. A Form 8-K disclosing the full results of the vote has been filed with the Securities and Exchange Commission.
In addition, the deadline for electing redemptions has passed and 99.91% of funds will remain in the PSAC trust account at closing. As a result, FF expects to receive gross proceeds of approximately $ 1 billion upon the business combination.
The business combination is expected to close on or about July 21, 2021. Following the closing of the business combination, PSAC will be renamed “Faraday Future Intelligent Electric Inc. and its common shares and warrants. Subscriptions are expected to begin trading on the Nasdaq Global Exchange on or around July 22, 2021 under the ticker symbols “FFIE” and “FFIE.WS”, respectively.
About Faraday Future
Founded in May 2014, FF is a global shared intelligent mobility ecosystem company, headquartered in Los Angeles, California. FF’s vision is to create a shared intelligent mobility ecosystem that allows everyone to move, connect, breathe and live freely. FF aims to continuously improve the way people move by creating a forward-thinking mobility ecosystem that integrates clean energy, AI, the internet and new usage models. With the FF 91, FF has imagined a vehicle that redefines transport, mobility and connectivity, creating a veritable “third Internet living space”, completing the Internet experience for users at home and on smartphones.
About Property Solutions Acquisition Corp.
Property Solutions Acquisition Corp. is a special purpose acquisition company formed for the purpose of effecting a merger, a share purchase or a similar business combination with one or more differentiated businesses. The company is led by co-CEOs Jordan Vogel and Aaron Feldman.
Property Solutions I is a $ 230 million SPAC formed in July 2020 and listed on the Nasdaq under the symbol “PSAC”.
This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates”, ” planned “,” “,” anticipates “,” plans “,” plans “,” intends “,” believes “,” seeks “,” may “,” will “,” should “,” future “, “Offers” and variations of such or similar words (or negative versions of such words or phrases) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of PSAC or FF management that could lead to actual results. or the results differ materially from those discussed in the forward-looking statements. Significant factors, among others, that may affect actual results include: the inability to complete the transactions contemplated by the proposed business combination; failure to recognize the anticipated benefits of the proposed business combination, which may be affected, among other things, by the ability to meet Nasdaq listing standards following completion of the transactions contemplated by the proposed business combination; costs associated with the proposed business combination; FF’s ability to execute its development and marketing plans for its vehicles and the timing of these development programs; FF’s estimates of the size of the markets for its vehicles; the rate and degree of market acceptance of FF vehicles; the success of other competing manufacturers; the performance and safety of FF vehicles; potential litigation involving the PSAC or FF; the result of future financing efforts and general economic and market conditions affecting the demand for FF’s products. Other factors include the possibility that the proposed transaction will not go through, including due to the failure of certain closing conditions. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the registration statement on Form S-4 and the Proxy Circular / Solicitation of Consent Statement / the prospectus discussed above and other documents filed by the PSAC from time to time. time with the SEC. These documents identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in forward-looking statements. Forward-looking statements speak only as of the date on which they are made. Readers are cautioned not to place undue reliance on forward-looking statements, and neither the PSAC nor FF makes any commitment to update or revise any forward-looking statements, whether as a result of new information, future events. or otherwise, except as required by law. .