BEIJING, July 21 (TMTPOST)— Property Solutions Acquisition Corp. (PSAC) announced on Wednesday that its shareholders’ meeting approved merger with Faraday Future (FF) and the business combination is expected to close on or about the same day.
FF expects to receive approximately $1 billion in gross proceeds when combination completes. The combined new company will be named Faraday Future Intelligent Electric Inc. and its common stock and warrants are expected to start trading on the Nasdaq on or about July 22, under the share ticker “FFIE” and “FFIEW” respectively.
Inspired by Faraday, FF’s former CEO Jia Yueting co-founded the company in 2014. But his vision of creating a shared intelligent mobility ecosystem was caught in financial trouble since 2016, and the startup had to delay launch of production for the first electric vehicle FF91 and drop other models’ plan.
In 2017, Jia was levied several financial penalties in China and he had never returned to the country since assets were frozen. Two year ago, he filed for chapter 11 bankruptcy in the U.S., and he resigned as FF’s CEO and relinquished his stake in the company.
FF struggled to get through funding problem after Jia’s quit. It settled a $3.4 billion SPAC merger with PSAC in January and announced production of FF91 would begin by July, 2022. FF said an assembly plant in central California’s Hanford can produce 10,000 vehicles per year when it’s up and running in the near future.