EV startup Faraday Future announced today that the registration statement and proxy filed by Property Solutions Acquisition on their proposed merger is now effective. The SPAC’s stockholders are set to vote on the deal July 20.
The merger would provide an estimated $1 billion of gross proceeds to Faraday Future. Announced in January, 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.
If approved, the combined company’s stock and warrants are expected to trade on the Nasdaq under FFIE and FFIEW, respectively. Read more.
