Shares of Property Solutions Acquisition (NASDAQ:PSAC) stock are running higher after electric vehicle (EV) firm Faraday & Future Inc. announced it will go public via a merger with the special purpose acquisition company (SPAC).
The reported deal holds a price tag of $3.4 billion, and now makes Faraday “the latest electric-vehicle firm to join the blank-check dealmaking frenzy.” Follow the combined company’s initial public offering (IPO), shares will be listed on the Nasdaq and trade under the ticker “FFIE.”
Additionally, according to Reuters, “Faraday and Property Solutions said on Thursday the deal, supported by a private investment of $775 million, is expected to fetch Faraday Future $1 billion in gross proceeds.”
Investors are clearly excited about the news, with more than 9 million shares already traded on Thursday. In comparison, the company’s daily average trading volume is only around 79,000 shares.
Shares of PSAC stock were up 22.7% as of Thursday morning.
On the date of publication, Nick Clarkson did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Nick is a web editor at InvestorPlace.