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Property Solutions Acquisition Corp. (PSACU)

NasdaqGS - NasdaqGS Real Time Price. Currency in USD
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14.18-0.20 (-1.39%)
At close: 4:00PM EST
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Neutralpattern detected
Previous Close14.38
Bid12.50 x 800
Ask15.50 x 800
Day's Range14.01 - 14.67
52 Week Range9.73 - 15.12
Avg. Volume62,604
Market CapN/A
Beta (5Y Monthly)N/A
PE Ratio (TTM)N/A
Earnings DateN/A
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target EstN/A
  • Property Solutions SPAC Stock Soars on Report of Faraday Future Deal
    Motley Fool

    Property Solutions SPAC Stock Soars on Report of Faraday Future Deal

    Shares of Property Solutions Acquisition (NASDAQ: PSAC), a special-purpose acquisition company (SPAC), surged on Monday after a report that it may be close to a merger deal with electric-vehicle start-up Faraday Future. As of 11:30 a.m. EST, Property Solutions' stock was up about 18.1% from Friday's closing price. Bloomberg reported that Property Solutions is in talks to merge with Los Angeles-based Faraday Future in a deal that would take Faraday public at a valuation around $3 billion.

  • EV Startup Faraday Said in SPAC Merger Talks to Go Public

    EV Startup Faraday Said in SPAC Merger Talks to Go Public

    (Bloomberg) -- Faraday & Future Inc., an electric-vehicle startup, is in talks to go public through a merger with Property Solutions Acquisition Corp., a blank-check firm, according to people with knowledge with the matter.The special purpose acquisition company is seeking to raise more than $400 million in equity to support the transaction, which is slated to value the combined entity at around $3 billion, the people said. As with all deals that haven’t been finalized, it’s possible that terms change or talks fall apart.A Faraday spokesman didn’t respond to multiple requests for comment. A Property Solutions representative declined to comment. The firm’s shares surged 37% to $13.84 as of 5:35 a.m. Monday in New York, before the start of regular trading.Los Angeles-based Faraday, led by Chief Executive Officer Carsten Breitfeld, was founded by Jia Yueting, an entrepreneur who in October 2019 filed for bankruptcy in the U.S. after running up billions of dollars in personal debt. His efforts to build a business empire in China spanning interests from streaming to TVs saw him borrowing against pledged shares, leaving him on the hook for $2.3 billion in claims, according to the filing.Jia emerged from bankruptcy after setting up a creditors trust and transferring all of his shares in Faraday to the trust, he said in a July statement posted to the EV company’s website. He said as much as 10% of the trust will go to compensating shareholders in Leshi Internet & Technology Corp., a now de-listed unit of his conglomerate, and that he no longer holds any equity in Faraday but remains an employee. Approval of the plan cleared the way for the company to work toward its equity financing targets, the company said.Faraday this month appointed Zvi Glasman, the former chief financial officer of Fox Factory Holdings, as its CFO. It has said its flagship vehicle, the FF 91, will be available for sale about a year after the close of a successful round of funding.The ranks of automakers seeking to compete with Tesla Inc. in electric vehicles are heavily populated by Chinese startups. Investors were gripped by a mania for all things related to EVs in 2020, boosting Chinese car company Nio Inc.’s valuation above those of General Motors Co. and Ford Motor Co. Xpeng Inc. raised $2.2 billion from a follow-on share sale in December just a few months after its $1.7 billion IPO, and internet giant Baidu Inc. also is getting involved. It plans to team up with Geely Automobile Holdings Inc. to make electric vehicles for the Chinese market.Read More: Tesla’s Dominant Position in China Could Be Threatened Next YearProperty Solutions, led by Chairman and co-CEO Jordan Vogel, raised $230 million in a July 2020 IPO. The company, which has the ability to pursue a combination in any industry, said at inception that it intended to target firms that service the real estate industry, including property technology.Several EV companies including Nikola Corp. and Fisker Inc. have gone public since last year by merging with blank-check firms.(Updates with Property Solutions shares trading in the third paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • EV Maker Faraday Future Looks To Raise $400M Through Merger With SPAC Company

    EV Maker Faraday Future Looks To Raise $400M Through Merger With SPAC Company

    Faraday & Future Inc. is considering going public through a merger with special purpose acquisition company Property Solutions Acquisition Corp. (NASDAQ: PSAC).What Happened: EV startup Faraday Future is looking into a deal with the blank check company, Bloomberg has reported, citing people familiar with the matter.Property Solutions is said to be looking to raise over $400 million, which would put Faraday Future's valuation at $3 billion. The startup already has $2.3 billion in funding through equity and debt financing.The California-based company said it would start selling its EV sport utility vehicle, called FF 91, a year after the funding deal closes.Property Solutions raised $230 million in a July 2020 initial public offering and earlier said it would be targeting the real estate industry, Bloomberg reported. Faraday was founded by Jia Yueting, who filed for bankruptcy in the U.S. in October 2019, after he ran out of billions of dollars trying to build a company in China.SPAC Wave: EV companies have been part of the wave of SPAC deals that picked up last year, with Nikola Corporation (NASDAQ: NKLA) and Fisker Inc (NYSE: FSR) taking this route to going public.Image: Faraday & Future IncSee more from Benzinga * Click here for options trades from Benzinga * New COVID-19 Strain Registered In Japan: Nikkei Asia * Airbnb Hosts Skirt Rules To Book Guests Outside Platform: Financial Times(C) 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.