Property Solutions Acquisition set the close of business June 21 as the revised record date for the determination of stockholders eligible to receive the proxy and vote on the proposed merger with EV startup FF Intelligent Mobility Global Holdings. The SPAC previously announced that June 4 had been set as the record date.
FF and the SPAC in January announced a definitive agreement for a business combination that would result in FF becoming a publicly listed company.
The final proxy statement will include the date, time and location of the annual meeting.
The combined company would have a $1 billion valuation.
Terms call for the target 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.
If shareholders approve the deal, after closing the combined company would list on the Nasdaq under FFIE. Read more.