(July 22) Faraday Future Intelligent Electric Inc. soared over 40% in premarket trading.
Property Solutions Acquisition Corp , an SPAC, has announced that its shareholders approved its acquisition of mobility technology developer Faraday Future among ten proposals.
In addition, with the deadline for redemptions passed and 99.91% of funds remaining in the SPAC's trust account, Faraday Future will receive gross proceeds of around $1B at the time of the business combination.
The transaction is set to close on or around July 21, 2021, following which the SPAC will be renamed Faraday Future Intelligent Electric. Its common stock and warrants will begin trading under the tickers 'FFIE' and 'FFIE.WS' respectively on the Nasdaq Global Exchange on or about July 22, 2021.
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