Property Solutions Acquisition shareholders voted in favor of the SPAC’s business combination with EV startup Faraday Future.
Citing minimal redemptions, the SPAC said 99.91% of funds will remain in its trust account as of closing. Faraday Future expects to receive approximately $1 billion in gross proceeds.
Announced in January, terms call for the company to receive $230 million in cash held by Property Solutions in trust, less the redemptions, and an upsized, $775 million fully-committed common stock PIPE at $10 per share.
The deal is expected to close today.
Faraday Future Intelligent Electric common stock and warrants are expected to begin trading on the Nasdaq tomorrow under FFIE and FFIE.W. Read more.
