Business
Faraday Future Announces Effectiveness of Registration Statement for the Business Combination of FF and Property Solutions Acquisition Corp.
Special Meeting of Property Solutions Acquisition Corp. ("PSAC") will be held on July 20, 2021 to approve the business combination with Faraday Future
About this update from Faraday Future Intelligent Electric Inc.
[{"type":"text","content":"\n\nSpecial Meeting of Property Solutions Acquisition Corp. (\"PSAC\") will be held on July 20, 2021 to approve the business combination with Faraday Future\n\n\nFollowing the closing, the combined company’s stock and warrants are expected to trade under the ticker symbols “FFIE” and “FFIEW”, respectively\n\n\nPSAC’s stockholders as of June 21, 2021 are encouraged to submit their votes promptly. PSAC stockholders with questions on how to vote should visit http://vote.ff.com/ or contact Morrow Sodali LLC at [email protected].\n\n\n LOS ANGELES--(BUSINESS WIRE)--\nFaraday Future (“FF”), a California-based global shared intelligent mobility ecosystem company, announced today that the Registration Statement on Form S-4 filed by PSAC formally became effective. The special meeting of PSAC stockholders will be held on July 20, 2021, to approve the business combination of PSAC with Faraday Future. Following closing, the combined company’s stock and warrants are expected to trade on NASDAQ under the ticker symbols “FFIE” and “FFIEW\", respectively. The I in \"FFIE\" stands for Intelligent and Internet. The E represents Ecosystem and Electric. Merger to provide an estimated $1.0 billion of gross proceeds to Faraday Future (“FF”), including $230 million in cash held by PSAC in trust assuming no redemptions. Transaction is expected to fully fund the production of class defining ultimate-performance luxury electric FF 91 within 12 months of transaction close.\n\nPSAC’s stockholder meeting is expected to be held on July 20, 2021 at 11:00 a.m. ET virtually at https://www.cstproxy.com/propertysolutionsacquisition/sm2021 to approve the business combination. PSAC stockholders who wish to participate in the PSAC stockholder meeting must register in advance at https://www.cstproxy.com/propertysolutionsacquisition/sm2021.\n\n\"The merger and listing with PSAC is an important milestone for FF, which is accomplished with the firm commitment of our employees, suppliers, global partners, and the city of Hanford, California,” said Dr. Carsten Breitfeld, Global CEO of Faraday Future. “This business combination will enable us to launch a new species, FF 91, an ultimate-intelligent tech-luxury electric vehicle, with the purpose of realizing the original intent of our founder and inviting user and shareholder participation in shaping an inn...