Shares of special-purpose acquisition company
Property Solutions Acquisition (NASDAQ:PSAC) were sharply higher on Friday morning. After weeks of speculation, the SPAC confirmed that it has struck a deal to merge with California electric-car start-up Faraday Future earlier this week.
As of 10:45 a.m. EST, Property Solutions stock was up about 29.1% from Thursday s closing price.
So what
Property Solutions confirmed on Thursday what had been rumored for a few weeks: It s merging with Faraday Future in a deal that will take the long-struggling electric-car start-up public by the end of June.
It s a good moment for a deal like this: Shares of electric-car start-ups have been white-hot in recent months, fueled by the meteoric rise of
Electric-vehicle firm Faraday Future to go public via $3 4-billion SPAC deal theglobeandmail.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from theglobeandmail.com Daily Mail and Mail on Sunday newspapers.
Faraday Future Goes Wall-Street n Via NASDAQ Estimated $3.4 Billion Valuation
January 28, 2021; Faraday Future (FF) is set to become the latest mobility company to list on the stock market in the U.S. The California-based intelligent mobility ecosystem group, and Property Solutions Acquisition Corp. NASDAQ: PSAC), a special purpose acquisition company (SPAC), have entered into a definitive agreement for a business combination.
The deal values FF at approximately $3.4 billion.
Following the closing, which is expected in Q2, 2021, the combined company will be listed on the Nasdaq under the ticker symbol ‘FFIE’. The transaction will provide $1.0 billion of gross proceeds to the combined company, providing sufficient funds to support the scaled production and delivery of its FF 91 model.
WeissLaw LLP is investigating whether PSAC s board acted in the best interest of PSAC s public shareholders in agreeing to the proposed transaction, whether the board was fully informed as to the valuation of Faraday Future, and whether all information regarding the process undertaken by the board and the valuation of the transaction will be fully and fairly disclosed to PSAC public shareholders.
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust v
70 Stocks Moving In Thursday s Mid-Day Session Benzinga 1/28/2021
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