Property Solutions Acquisition
Property Solutions Acquisition Corp. was a 2020-vintage special purpose acquisition company (SPAC) that merged with electric vehicle maker Faraday Future in 2021, taking FFIE public on Nasdaq at a ~$3.4 billion implied equity value via a ~$1.0 billion transaction.
- Company typePrivate
- Founded2020
- HeadquartersEl Segundo, United States
- Headcount501–1,000
- GTM typeB2B
- OfferingServices
What Property Solutions Acquisition does
Property Solutions Acquisition Corp. (PSAC) was a special purpose acquisition company (SPAC) incorporated in Delaware and headquartered in New York, established in 2020 for the sole purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, or similar business combination with one or more operating businesses. PSAC was a blank-check shell entity with no products, services, or operating revenue of its own; its functional role was to provide a private operating company with a faster, alternative path to public listing on a U.S. exchange compared to a traditional IPO. Its only material assets were approximately $230 million held in trust and the capital-raising capacity of a public SPAC vehicle.
In 2021, PSAC entered into a definitive agreement for a business combination with Faraday Future, a California-based electric vehicle company, structured as a reverse merger that would list Faraday Future on the Nasdaq Stock Market under the ticker symbol "FFIE." The transaction was expected to provide approximately $1.0 billion in gross proceeds, comprising the $230 million in PSAC trust cash and a $775 million fully committed common stock PIPE priced at $10.00 per share, with an implied equity value of approximately $3.4 billion for the combined company (pre-money valuation of approximately $2.625 billion). Use of proceeds was earmarked to fund production and delivery of the FF 91 flagship vehicle within twelve months of closing. The transaction was expected to close in Q2 2021.
Following completion of the merger, PSAC ceased to exist as a standalone entity, with the combined company operating under the FFIE Nasdaq listing. Subsequently, the SEC conducted a four-year investigation into the 2021 SPAC merger, examining allegations of false and misleading statements surrounding the decision to go public via reverse merger; the SEC closed the investigation without taking any enforcement action. PSAC disclosed no institutional investors, private equity backing, or operating headcount as a standalone entity, consistent with its structural nature as a single-purpose shell.
Property Solutions Acquisition firmographics
Firmographics- Name
- Property Solutions Acquisition
- Legal name
- Property Solutions Acquisition Corp.
- Website
- https://psacspac.com
- Company type
- Private
- Founded year
- 2020
- Operating status
- Acquired
- Headcount range
- 501–1,000 employees
- Short description
- Property Solutions Acquisition Corp. was a 2020-vintage special purpose acquisition company (SPAC) that merged with electric vehicle maker Faraday Future in 2021, taking FFIE public on Nasdaq at a ~$3.4 billion implied equity value via a ~$1.0 billion transaction.
- Ownership category
- akta.pro rank
Property Solutions Acquisition industry classification
Industry- Product category
- Special Purpose Acquisition Company (SPAC)
- NAICS
- Other Financial Vehicles (52599), Funds, Trusts, and Other Financial Vehicles (525)
- SIC
- Security Brokers, Dealers & Flotation Companies (6211)
- akta.pro primary industry
- Capital Markets Advisory (IPO Readiness, SPAC, ECM/DCM Advisory) (BPAHAOAL)
- akta.pro secondary industries
- Strategic / Balance-Sheet CVC (On-balance-sheet investing) (FSANAHAA), Captive CVC Fund (Dedicated corporate fund structure) (FSANAHAB)
Keywords
Where Property Solutions Acquisition is headquartered
LocationHeadquarters
- HQ city
- El Segundo
- HQ country
- United States
- HQ region
- North America
Markets served
Property Solutions Acquisition business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Operations, Personnel, Others
Property Solutions Acquisition product offering
Product offeringCore offering
Property Solutions Acquisition was a Special Purpose Acquisition Company (SPAC) that raised capital through an IPO and held those proceeds in a trust account with the purpose of completing a business combination with one or more target operating companies. PSAC entered a definitive agreement with Faraday Future to combine and take FFIE public on Nasdaq, with $230 million in trust and a $775 million fully committed PIPE supporting the transaction.
Product overview
Property Solutions Acquisition Corp. (PSAC) was a Special Purpose Acquisition Company (SPAC) that existed solely for the purpose of acquiring or merging with a private company. PSAC did not offer any products or services — it was a blank-check shell company formed to facilitate a reverse merger and public listing. PSAC completed its business combination with Faraday Future, an electric vehicle company, resulting in the combined entity listing on Nasdaq under the ticker symbol 'FFIE' with an implied equity value of approximately $3.4 billion.
Differentiator
Problem solved
Functional benefit
Companies that use Property Solutions Acquisition
Customer profileIdeal customer profiles1 record
Property Solutions Acquisition technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Property Solutions Acquisition partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- Faraday FuturecoreProperty Solutions Acquisition Corp. (PSAC), a special purpose acquisition company, entered into a definitive agreement with Faraday Future, a California-based electric vehicle company, for a business combination that would list Faraday Future on the Nasdaq Stock Market under the ticker symbol 'FFIE'. The transaction was structured as a reverse merger, providing Faraday Future a path to public markets.
Scale indicators4 records
Recent moves4 records
Expansion highlights3 records
Property Solutions Acquisition competitors and assessment
Company assessmentDirect peers
- Spartan Acquisition Corp II: SPAC that merged with Sunlight Financial in 2021; comparable as a similarly sized, mid-2020s-vintage blank-check combination.
- DiamondPeak Holdings: SPAC that merged with EV truck maker Lordstown Motors in 2020; comparable as another auto/EV-focused blank-check combination of similar vintage.
- Dragoneer Growth Opportunities Corp: Growth-focused SPAC that merged with CCC Intelligent Solutions; comparable as a tech-oriented blank-check combination with similar capital scale.
- Kensington Capital Acquisition Corp II: SPAC that took EV charging company Wallbox public in 2021; another EV-adjacent SPAC combination of similar vintage and structure.
- Social Capital Hedosophia Holdings: Chamath Palihapitiya-affiliated SPAC platform that took Virgin Galactic public and later Opendoor; comparable as a serial SPAC sponsor executing high-profile public listings.
- Hennessy Capital Acquisition Corp IV: SPAC that merged with EV company Canoo in 2020; comparable as a small-to-mid cap blank-check vehicle targeting an EV operating company.
- Churchill Capital Corp IV: SPAC that took EV maker Lucid Motors public in 2021; the most directly comparable transaction in scale, sector, and timing to PSAC's merger with Faraday Future.
- CIIG Merger Corp: SPAC that merged with EV maker Arrival in 2021; comparable transaction structure and EV-sector target profile.
Broad incumbents
- Gores Holdings IV: Part of The Gores Group's serial SPAC franchise; comparable as a repeat sponsor of publicly listed blank-check vehicles executing mid-market combinations.
- Pershing Square Tontine Holdings: Large sponsor-backed SPAC vehicle (Bill Ackman); comparable as a high-profile SPAC platform though not in the EV sector.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat2 records
Key risks4 records
Key highlights4 records
Customer concentration
Property Solutions Acquisition social profiles
Digital presenceProperty Solutions Acquisition financial estimates
Financial estimateRevenue estimate
Valuation estimate
Property Solutions Acquisition leadership team
Management profileNumber of profiles
Property Solutions Acquisition funding detail
Funding detailFunding overview
Funding rounds22 records
Investors12 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Property Solutions Acquisition M&A and investment
M&A and investmentM&A1 record
Investments1 record
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Property Solutions Acquisition
What does Property Solutions Acquisition do?
Property Solutions Acquisition was a Special Purpose Acquisition Company (SPAC) that raised capital through an IPO and held those proceeds in a trust account with the purpose of completing a business combination with one or more target operating companies. PSAC entered a definitive agreement with Faraday Future to combine and take FFIE public on Nasdaq, with $230 million in trust and a $775 million fully committed PIPE supporting the transaction.
Is Property Solutions Acquisition a public or private company?
Property Solutions Acquisition is a private company. It is classified as unknown and is currently acquired.
When was Property Solutions Acquisition founded?
Property Solutions Acquisition was founded in 2020. It employs 501 to 1,000 people.
Where is Property Solutions Acquisition based?
Property Solutions Acquisition is headquartered in El Segundo, United States, in the North America region.
Who are Property Solutions Acquisition's main competitors?
Direct peers on record are Spartan Acquisition Corp II, DiamondPeak Holdings, Dragoneer Growth Opportunities Corp, Kensington Capital Acquisition Corp II, Social Capital Hedosophia Holdings, Hennessy Capital Acquisition Corp IV, Churchill Capital Corp IV and CIIG Merger Corp. Broad incumbents are Gores Holdings IV and Pershing Square Tontine Holdings.
Does Property Solutions Acquisition have an API?
No public API is recorded for Property Solutions Acquisition.
What industry is Property Solutions Acquisition in?
Property Solutions Acquisition's product category is Special Purpose Acquisition Company (SPAC). Its primary akta.pro industry code is BPAHAOAL, Capital Markets Advisory (IPO Readiness, SPAC, ECM/DCM Advisory), with a secondary code of FSANAHAA, Strategic / Balance-Sheet CVC (On-balance-sheet investing). Its NAICS code is 52599 and its SIC code is 6211.