Property Solutions Acquisition today filed a preliminary proxy for shareholders, outlining the SPAC’s $1 billion business combinating with EV startup Faraday Future.
Terms call for the company to receive $230 million in cash held by Property Solutions in trust, assuming no redemptions, and an upsized, $775 million fully-committed common stock PIPE at $10 per share.
The filing includes a placeholder for the meeting date, which has not yet been publicly announced.
If approved by shareholders, following the closing the combined company would list on the Nasdaq under FFIE. Read more.
