Faraday Future ("FF" or the “Company”), a California-based
global shared intelligent mobility ecosystem company, today
announced the deadline for electing redemptions has passed and that
99.91% of the funds will remain in Property Solutions Acquisition
Corp.’s (“PSAC’s”) trust account as of the closing of PSAC’s
proposed business combination with FF.
In addition, the Company will host a webcast of its opening bell
ringing ceremony at the Nasdaq MarketSite in Times Square on
Thursday, July 22, 2021 to celebrate its forthcoming public
listing.
The company will also have an online launch event in the morning
of the same day to announce the Futurist Product Officer (FPO)
program, as well as the new reservation policy of the ultimate
intelligent techluxury FF 91 Futurist.
Faraday Future remains on track to complete its previously
announced business combination with Property Solutions Acquisition
Corp. (NASDAQ: PSAC) on July 21, 2021, which is expected to provide
approximately $1 billion in gross proceeds.
The bell ringing day series of events, including the market
opening ceremony will occur on Thursday, July 22, 2021 beginning at
8:10 a.m. ET and can be viewed via the FF intelligent APP, which
can be downloaded through the following link:
[http://appdownload.ff.com].
Users can reserve an FF 91 now at:
https://www.ff.com/us/reserve.
ABOUT FARADAY FUTURE
Established in May 2014, FF is a global shared intelligent
mobility ecosystem company, headquartered in Los Angeles,
California. FF's vision is to create a shared intelligent mobility
ecosystem that empowers everyone to move, connect, breathe, and
live freely. FF aims to perpetually improve the way people move by
creating a forward-thinking mobility ecosystem that integrates
clean energy, AI, the Internet and new usership models. With the FF
91, FF has envisioned a vehicle that redefines transportation,
mobility, and connectivity, creating a true “third Internet living
space,” complementing users’ home and smartphone Internet
experience.
FOLLOW FARADAY FUTURE:
https://www.ff.com/
https://twitter.com/FaradayFuture
https://www.facebook.com/faradayfuture/
https://www.instagram.com/faradayfuture/
www.linkedin.com/company/faradayfuture
ABOUT PROPERTY SOLUTIONS ACQUISITION CORP.
Property Solutions Acquisition Corp. is a special purpose
acquisition company formed for the purpose of effecting a merger,
stock purchase or similar business combination with one or more
differentiated businesses. The company is managed by Co-CEOs Jordan
Vogel and Aaron Feldman.
Property Solutions I is a $230 million SPAC formed in July 2020
and is traded on the Nasdaq under the ticker symbol “PSAC”.
IMPORTANT INFORMATION AND WHERE TO FIND IT
This press release relates to a proposed transaction between
PSAC and FF. PSAC has filed with the Securities and Exchange
Commission (“SEC”) a registration statement on Form S-4 that
includes a proxy statement and prospectus of PSAC and a consent
solicitation statement with respect to FF. The proxy
statement/consent solicitation statement/prospectus has been mailed
to stockholders of PSAC as of the June 21, 2021 record date
established for voting on the proposed business combination. PSAC
also will file other relevant documents from time to time regarding
the proposed transaction with the SEC. INVESTORS AND SECURITY
HOLDERS OF PSAC ARE URGED TO READ THE PROXY STATEMENT, PROSPECTUS
AND OTHER RELEVANT DOCUMENTS THAT WILL BE FILED BY PSAC FROM TIME
TO TIME WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY
BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION
ABOUT THE PROPOSED TRANSACTION. Investors and security holders may
obtain free copies of the proxy statement/consent solicitation
statement/prospectus and other documents containing important
information about PSAC and FF filed with the SEC, through the
website maintained by the SEC at http://www.sec.gov. Copies of the
documents filed with the SEC by PSAC, when and if available, can
also be obtained free of charge by directing a written request to
Property Solutions Acquisition Corp., 654 Madison Avenue, Suite
1009, New York, New York 10065.
PARTICIPANTS IN THE SOLICITATION
PSAC and FF and their respective directors and executive
officers, under SEC rules, may be deemed to be participants in the
solicitation of proxies of PSAC’s stockholders in connection with
the proposed transaction. Investors and security holders may obtain
more detailed information regarding the names and interests in the
proposed transaction of PSAC’s directors and officers in PSAC’s
filings with the SEC, including PSAC’s Annual Report on Form 10-K
for the period ended December 31, 2020, which was filed with the
SEC on March 31, 2021. Information regarding the persons who may,
under SEC rules, be deemed participants in the solicitation of
proxies to PSAC’s stockholders in connection with the proposed
business combination is set forth in the proxy statement/consent
solicitation statement/prospectus for the proposed business
combination. Additional information regarding the interests of
participants in the solicitation of proxies in connection with the
proposed business combination is included in the proxy
statement/consent solicitation statement/prospectus that PSAC has
filed with the SEC.
NO OFFER OR SOLICITATION
This communication shall neither constitute an offer to sell or
the solicitation of an offer to buy any securities, nor shall there
be any sale of securities in any jurisdiction in which the offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such
jurisdiction.
FORWARD LOOKING STATEMENTS
This press release includes “forward looking statements” within
the meaning of the “safe harbor” provisions of the United States
Private Securities Litigation Reform Act of 1995. When used in this
press release, the words “estimates,” “projected,” “expects,”
“anticipates,” “forecasts,” “plans,” “intends,” “believes,”
“seeks,” “may,” “will,” “should,” “future,” “propose” and
variations of these words or similar expressions (or the negative
versions of such words or expressions) are intended to identify
forward-looking statements. These forward-looking statements are
not guarantees of future performance, conditions or results, and
involve a number of known and unknown risks, uncertainties,
assumptions and other important factors, many of which are outside
PSAC’s or FF’s management’s control, that could cause actual
results or outcomes to differ materially from those discussed in
the forward-looking statements. Important factors, among others,
that may affect actual results or outcomes include: the inability
to complete the transactions contemplated by the proposed business
combination; the inability to recognize the anticipated benefits of
the proposed business combination, which may be affected by, among
other things, the amount of cash available following any
redemptions by PSAC stockholders; the ability to meet the Nasdaq’s
listing standards following the consummation of the transactions
contemplated by the proposed business combination; costs related to
the proposed business combination; FF’s ability to execute on its
plans to develop and market its vehicles and the timing of these
development programs; FF’s estimates of the size of the markets for
its vehicles; the rate and degree of market acceptance of FF’s
vehicles; the success of other competing manufacturers; the
performance and security of FF’s vehicles; potential litigation
involving PSAC or FF; the result of future financing efforts and
general economic and market conditions impacting demand for FF’s
products. Other factors include the possibility that the proposed
transaction does not close, including due to the failure to receive
required security holder approvals, or the failure of other closing
conditions. The foregoing list of factors is not exhaustive. You
should carefully consider the foregoing factors and the other risks
and uncertainties described in the “Risk Factors” section of the
registration statement on Form S-4 and proxy statement/consent
solicitation statement/prospectus discussed above and other
documents filed by PSAC from time to time with the SEC. These
filings identify and address other important risks and
uncertainties that could cause actual events and results to differ
materially from those contained in the forward-looking statements.
Forward-looking statements speak only as of the date they are made.
Readers are cautioned not to put undue reliance on forward-looking
statements, and neither PSAC nor FF undertake any obligation to
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, except as
required by law.
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