{"id":515300,"date":"2021-07-20T16:12:09","date_gmt":"2021-07-20T20:12:09","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/property-solutions-acquisition-corp-announces-stockholder-approval-of-business-combination-with-faraday-future\/"},"modified":"2021-07-20T16:12:09","modified_gmt":"2021-07-20T20:12:09","slug":"property-solutions-acquisition-corp-announces-stockholder-approval-of-business-combination-with-faraday-future","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/property-solutions-acquisition-corp-announces-stockholder-approval-of-business-combination-with-faraday-future\/","title":{"rendered":"Property Solutions Acquisition Corp. Announces Stockholder Approval of Business Combination with Faraday Future"},"content":{"rendered":"

<\/p>\n

Property Solutions Acquisition Corp. Announces Stockholder Approval of Business Combination with Faraday Future<\/b><\/p>\n

NEW YORK–(BUSINESS WIRE<\/a>)–
\nProperty 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 (\u201cFF\u201d) 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.\n<\/p>\n

\nAdditionally, the deadline for electing redemptions has passed, and 99.91% of funds will remain in PSAC\u2019s 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.\n<\/p>\n

\nThe 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 \u201cFaraday Future Intelligent Electric Inc.\u201d 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 \u201cFFIE\u201d and \u201cFFIE.WS\u201d, respectively.\n<\/p>\n

About Faraday Future
\n
<\/b>Established 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 empowers everyone to move, connect, breathe, and live freely. FF aims to perpetually improve the way people move by creating a forward-thinking mobility ecosystem that integrates clean energy, AI, the Internet and new usership models. With the FF 91, FF has envisioned a vehicle that redefines transportation, mobility, and connectivity, creating a true \u201cthird Internet living space,\u201d complementing users\u2019 home and smartphone Internet experience.\n<\/p>\n

Follow Faraday Future:
\n
<\/b>https:\/\/www.ff.com\/
\n<\/a>
https:\/\/twitter.com\/FaradayFuture
\n<\/a>
https:\/\/www.facebook.com\/faradayfuture\/
\n<\/a>
https:\/\/www.instagram.com\/faradayfuture\/
\n<\/a>
www.linkedin.com\/company\/faradayfuture<\/a><\/p>\n

About Property Solutions Acquisition Corp.
\n
<\/b>Property Solutions Acquisition Corp. is a special purpose acquisition company formed for the purpose of effecting a merger, stock purchase or similar business combination with one or more differentiated businesses. The company is managed by Co-CEOs Jordan Vogel and Aaron Feldman.\n<\/p>\n

\nProperty Solutions I is a $230 million SPAC formed in July 2020 and is traded on the Nasdaq under the ticker symbol \u201cPSAC\u201d.\n<\/p>\n

Forward-Looking Statements
\n
<\/b>This press release includes \u201cforward looking statements\u201d within the meaning of the \u201csafe harbor\u201d provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words \u201cestimates,\u201d \u201cprojected,\u201d \u201cexpects,\u201d \u201canticipates,\u201d \u201cforecasts,\u201d \u201cplans,\u201d \u201cintends,\u201d \u201cbelieves,\u201d \u201cseeks,\u201d \u201cmay,\u201d \u201cwill,\u201d \u201cshould,\u201d \u201cfuture,\u201d \u201cpropose\u201d and variations of these words or similar expressions (or the negative versions of such words or expressions) 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 outside PSAC\u2019s or FF\u2019s management\u2019s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include: the inability to complete the transactions contemplated by the proposed business combination; the inability to recognize the anticipated benefits of the proposed business combination, which may be affected by, among other things, the ability to meet the Nasdaq\u2019s listing standards following the consummation of the transactions contemplated by the proposed business combination; costs related to the proposed business combination; FF\u2019s ability to execute on its plans to develop and market its vehicles and the timing of these development programs; FF\u2019s estimates of the size of the markets for its vehicles; the rate and degree of market acceptance of FF\u2019s vehicles; the success of other competing manufacturers; the performance and security of FF\u2019s vehicles; potential litigation involving PSAC or FF; the result of future financing efforts and general economic and market conditions impacting demand for FF\u2019s products. Other factors include the possibility that the proposed transaction does not close, 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 \u201cRisk Factors\u201d section of the registration statement on Form S-4 and proxy statement\/consent solicitation statement\/prospectus discussed above and other documents filed by PSAC from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and neither PSAC nor FF undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.\n<\/p>\n

\"\"<\/p>\n

View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20210720006193\/en\/<\/a><\/span><\/p>\n

Faraday Future
\n<\/b>
Investors: ir@faradayfuture.com
\n<\/a>
Media: media@faradayfuture.com<\/a><\/p>\n

PSAC
\n<\/b>
Jordan Vogel
\n
jordan@benchmarkrealestate.com<\/a><\/p>\n

KEYWORDS:<\/b> United States North America California New York<\/p>\n

INDUSTRY KEYWORDS:<\/b> Internet Finance Other Transport Professional Services Technology Transport Mobile\/Wireless Other Technology<\/p>\n

MEDIA:<\/b><\/p>\n\n\n\n\n
Logo<\/b><\/font><\/td>\n<\/tr>\n
\"Logo\"<\/td>\n<\/tr>\n
<\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Property Solutions Acquisition Corp. Announces Stockholder Approval of Business Combination with Faraday Future NEW YORK–(BUSINESS WIRE)– 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 (\u201cFF\u201d) 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\u2019s trust account as of closing. As a result, FF expects … <\/p>\n

Continue reading “Property Solutions Acquisition Corp. Announces Stockholder Approval of Business Combination with Faraday Future”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-515300","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nProperty Solutions Acquisition Corp. 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