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Tag: Property Solutions

  • Property Solutions Acquisition Corp. (PSAC) Stock Trends Higher Following Development of Partnership with Faraday Future

    Property Solutions Acquisition Corp. (PSAC) Stock Trends Higher Following Development of Partnership with Faraday Future

    Property Solutions Acquisition Corp. (PSAC) stock prices were up by 2.71% as of the market closing on July 19th, 2021, bringing the price per share up to USD$13.62 at the end of the trading day. Subsequent premarket fluctuations have seen the stock rise by 4.55%, bringing it up to USD$14.24.

    Minimal Redemptions

    July 19th, 2021 saw the company announce the passing of the deadline for electing redemptions, with the outcome resulting in 99.91% of funds staying in PSAC’s trust account as of the closing of the proposed merger with Faraday Future. In celebration of its upcoming public listing, the company is set to host a webcast of its opening bell ringing ceremony at the Nasdaq MarketSite in Times Square, with the even scheduled for July 22nd 2021.

    FPO Program

    The company also plans to concurrently launch an online event to announce the Futurist Product Officer program, as well as its new reservation policy of the ultimate intelligent techluxury FF 91 Futurist. The partnering company is on course to provide roughly USD$1 billion in gross proceeds via the proposed business combination.

    FF Intelligent Application

    July 19th 2021 also saw the company announce the launch of its new highly-interactive FF Intelligent App, which facilitates the ability to reserve a FF 91 through the application. Users can also become integrated with FF’s user ecosystem, enjoying the benefits of the FF community, products, and technologies. Integration within the ecosystem will also allow for user-side input in regard to the products and business they interact with.

    Scope of Intelligent App

    Users of the FF Intelligent App will have the option to create an FFID, book exclusive test rides, and book tours of FF’s global HQ in Los Angeles. In addition to being an FF 91 reservation platform and social community, it is at the forefront of the company’s value co-creation via the sharing of their FF user ecosystem. Users can learn about the company’s product portfolio and interact with FF’s cutting-edge technology that makes it a leader in the EV space. In addition to the social community, users will also be able to sign up for an innovative Futurist Product Officer program, facilitating interaction between users and FF employees.

    Future Outlook for PSAC

    Armed with a lucrative upcoming public offering that will generate a substantial influx of capital, PSAC is poised to capitalize on the opportunities afforded to it from its strategic partnership with FF. Current and potential investors are hopeful that management will continue to leverage the resources at their disposal to facilitate organic growth over the long-term.

  • Property Solutions Acquisition Corp. (PSAC) Stock Undergoes Minor Volatility Despite Looming Merger with Faraday Future

    Property Solutions Acquisition Corp. (PSAC) stock prices were down by a marginal 1.83% as of the market closing on June 30th, 2021, bringing the price per share down to USD$15.58 at the end of the trading day. After hours trading saw the stock inch up by 2.70%, bringing it up to USD$16.00.

    Shareholder Meeting

    June 30th, 2021 saw PSAC and Faraday Future remind the former’s investors to cast their votes in favor of a proposed strategic collaboration that has been in the works since the start of the year. Following a successful vote, the combined entity will trade as a publicly listed company on the Nasdaq under the ticker symbol FFIE. The virtual meeting to approve the pending changes is scheduled for July 20th, 2021, with voting remaining open until 11:59 pm EDT, July 19th, 2021.

    Details of Acquisition

    The merger is set to generate roughly USD$1 billion in gross proceeds for Faraday Future, of which USD$230 million will be cash held by PSAC in trust, assuming no redemptions. The gross proceeds will also consist of USD$775 million of fully committed common stock PIPE at a price per share of USD$10.00. Accordingly, the transaction is forecasted to fully fund the production of the ultimate-performance luxury electric FF 91, which is set to define its class, within a year of the closing of the transaction. Funds from the transaction will also facilitate the future development of the company’s unique I.A.I system.

    About Faraday

    Faraday Futures has implemented a worldwide hybrid manufacturing strategy, combining its manufacturing facility in California with a contract manufacturing partner in South Korea. As per the strategy, FF91 is set to revolutionize its driving class among electric vehicles, with nearly 900 filed or issued global patents supporting its proliferation, from Variable Platform Architecture to its Propulsion system, and Advanced Internet, Autonomous Driving and Intelligence technology.

    After the Merger

    The transaction is expected to close in the second quarter of 2021, after which the combined company will be named Faraday Future Inc. and will trade on Nasdaq with the new ticker symbol FFIE. Estimated post-transaction equity value of the company is expected to be around USD$3.4 billion. PIPE anchor investors include some of the biggest institutional shareholder from the U.S and Europe, a Tier-1 city in China, and a Top 3 Chinese OEM.

    Future Outlook for PSAC

    Armed with the highly likely upcoming acquisition, PSAC is poised to capitalize on the plethora of opportunities afforded to it from the strategic collaboration. With a world that is hurtling towards cleaner transportation, electric vehicles are a burgeoning market that the company is now well situated to take advantage of.