Why Shares of Property Solutions SPAC (Faraday Future) Are Higher Today

Shares of special-purpose acquisition company Property Solutions Acquisition (NASDAQ: PSAC) were sharply higher on Friday morning. After weeks of speculation, the SPAC confirmed that it has struck a deal to merge with California electric-car start-up Faraday Future earlier this week.

As of 10:45 a.m. EST, Property Solutions' stock was up about 29.1% from Thursday's closing price.

Property Solutions confirmed on Thursday what had been rumored for a few weeks: It's merging with Faraday Future in a deal that will take the long-struggling electric-car start-up public by the end of June.

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Source Fool.com