Property Solutions SPAC Stock Soars on Report of Faraday Future Deal

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Shares of Property Solutions Acquisition (NASDAQ: PSAC), a special-purpose acquisition company (SPAC), surged on Monday after a report that it may be close to a merger deal with electric-vehicle start-up Faraday Future.

As of 11:30 a.m. EST, Property Solutions’ stock was up about 18.1% from Friday’s closing price.

Bloomberg reported that Property Solutions is in talks to merge with Los Angeles-based Faraday Future in a deal that would take Faraday public at a valuation around $3 billion.

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