The shares of PSAC surged 13% in Tuesday premarket trading after Faraday Future(FF) submitting the listing documents to the SEC and planning to land on NASDAQ as soon as May.
Property Solutions Acquisition Corp. is a blank check company formed in order to effect a merger, capital stock exchange, asset acquisition or other similar business combination with one or more businesses or entities. PSAC was incorporated under the laws of Delaware on February11, 2020.
FF is a California-basedglobal shared intelligent mobility ecosystem company founded in 2014 with a vision to disrupt the automotive industry.
With headquarters in Los Angeles, California, FF designs and engineers next-generationsmart electric connected vehicles. FF intends to start manufacturing vehicles at its production facility in Hanford, California, with additional future production capacity needs addressed through a contract manufacturing partner in South Korea. FF has additional engineering, sales, and operational capabilities in China and plans to develop its manufacturing capability in China through a joint venture.
Pursuant to the Merger Agreement, Merger Sub will merge with and into FF, with FF surviving the merger. As a result of the Transactions, FF will become a wholly-ownedsubsidiary of PSAC, with the stockholders of FF becoming stockholders of PSAC.
Faraday's flagship product offering will be the FF 91, featuring 1,050 HP, 0-60 mph in less than 2.4 seconds, zero gravity seats with the largest 60-degree reclining angles, and a user experience designed to create a mobile, connected, and luxurious living space. The FF 91 is targeted to launch in 2022.
Its strategic partners include one of China's top three OEMs and a critical Chinese city, which the company believes will help establish its presence in the Chinese vehicle market.
Faraday Future plans several cars based on its Variable Platform Architecture. FF 91 is the first production vehicle and flagship model. Pricing will range between $120,000 and upwards of $200,000, which places it against formidable opponents. Faraday Future is already looking forward to expanding its range with a pair of smaller models named FF 81 and FF 71. The FF 81 is planned to be priced at $75,000 to 95,000 with a 2023 release. The FF 71 is planned to be priced at $45,000 to $65,000 with a planned release of 2024.