- Business
- Property Solutions Acquisition Corp. Property Solutions Acquisition Corp. is a blank check company, or special purpose acquisition company (SPAC), formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses or entities, with an initial focus on the real estate services and PropTech sectors. The company offers no operating products or services of its own, instead providing a public listing vehicle through its units (PSACU), each consisting of one share of Class A common stock and one-half of one redeemable warrant; its core activities encompass sponsor services, trust account management for IPO proceeds, shareholder redemption processes, and proxy solicitation for de-SPAC transactions. Headquartered at 654 Madison Avenue, Suite 1009, New York, New York, the company was founded in 2020 and operates globally, primarily targeting opportunities in the United States and Canada. In its principal transaction, Property Solutions Acquisition Corp. announced a definitive merger agreement on January 28, 2021, with Faraday Future Intelligent Electric Inc., an automotive company developing electric vehicles; the deal, valued at approximately $2.62 billion, received shareholder approval on July 20, 2021, and closed on July 21, 2021, resulting in the combined entity trading under symbols FFAI and FFAIW, with PSACU units subsequently delisted and designated as defunct. The IPO in July 2020 raised $229.78 million, fully placed in trust, led by underwriters EarlyBirdCapital, I-Bankers Securities, and Ladenburg Thalmann, with concurrent private placement of 594,551 units; no further major acquisitions, partnerships, funding rounds, or operational expansions have occurred since the Faraday Future business combination.