PSAC Stock Price Increases Over 15% Pre-Market: Why It Happened

By Amit Chowdhry ● Feb 1, 2021
  • The stock price of Property Solutions Acquisition Ord Shs (NASDAQ: PSAC) has increased by over 15% pre-market today. This is why it happened.

The stock price of Property Solutions Acquisition Ord Shs (NASDAQ: PSAC) has increased by over 15% pre-market today. The rally in the stock price is a continuation of the rally from last week. And that stock price rally was driven by Faraday Future and China’s largest privately owned automotive group Zhejiang Geely Holding Group jointly signing a framework cooperation agreement.

The two sides will cooperate in technology and engineering support and will explore the possibility of using OEM production services provided by the joint venture between Foxconn and Geely.

And at the same time, Geely Holding Group has also signed a subscription agreement to become a minority investor in Faraday Future in connection with the previously announced business combination between Faraday Future and Property Solutions Acquisition — which remains subject to customary terms and conditions including the consummation of such business combination.

You can learn more about the Faraday Future and Property Solutions Acquisition merger here.

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.