Faraday Future Announces Appointment of New Independent Auditor

Rhea-AI Summary

Faraday Future Intelligent Electric Inc. (NASDAQ: FFIE) announced the appointment of Mazars USA LLP as its new independent auditor, effective October 28, 2022. This change follows the previous auditor, PricewaterhouseCoopers LLP, who served until August 23, 2022. The appointment will be submitted for stockholder ratification at the next meeting. Chief Accounting Officer Yun Han expressed optimism about the collaboration, aiming to enhance the company's accounting and finance capabilities.

Positive

• Appointment of Mazars USA LLP expected to strengthen accounting practices.
• Positive collaborative outlook expressed by management.

Negative

• Transition from PricewaterhouseCoopers LLP may raise concerns about continuity in auditing.
• Need for stockholder ratification could indicate potential investor hesitance.

- Mazars USA LLP Appointed as Independent Registered Public Accounting Firm -

GARDENA, Calif.--(BUSINESS WIRE)-- Faraday Future Intelligent Electric Inc. (“Faraday Future” or the “Company”) (NASDAQ: FFIE), a California-based global shared intelligent electric mobility ecosystem company, today announced the appointment of Mazars USA LLP (“Mazars”) as its independent auditor. Mazars succeeds PricewaterhouseCoopers LLP, which was the Company’s independent registered public accounting firm until August 23, 2022.

Mazars USA LLP is an independent member firm of Mazars Group, an international audit, tax, and advisory organization operating in over 90 countries. The appointment is effective October 28, 2022, and the appointment of Mazars is expected to be submitted for stockholder ratification at the next stockholder meeting.

“I am pleased to welcome Mazars as our new independent auditor. My team and I look forward to working closely with them as we build a world-class accounting and finance organization within Faraday Future,” said Yun Han, Chief Accounting Officer and Interim Chief Financial Officer.

Users can preorder an FF 91 Futurist via the FF Intelligent App or through our website (English): https://www.ff.com/us/preorder/ or (Chinese): https://www.ff.com/cn/preorder/

Download the new FF Intelligent App (English): https://apps.apple.com/us/app/id1454187098 or https://play.google.com/store/apps/details?id=com.faradayfuture.online, (Chinese): http://appdownload.ff.com

ABOUT FARADAY FUTURE

Faraday Future is a class defining luxury electric vehicle company. The Company has pioneered numerous innovations relating to its products, technology, business model, and user ecosystem since inception in 2014. Faraday Future aims to perpetually improve the way people move by creating a forward-thinking mobility ecosystem that integrates clean energy, AI, the Internet and new usership models. Faraday Future’s first flagship product is the FF 91 Futurist.

FOLLOW FARADAY FUTURE:

https://www.ff.com/
http://appdownload.ff.com
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https://www.facebook.com/faradayfuture/
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www.linkedin.com/company/faradayfuture

NO OFFER OR SOLICITATION

This communication shall neither constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.

FORWARD LOOKING STATEMENTS

This press release includes “forward looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include the Company’s ability to satisfy the conditions precedent and close on the various financings previously disclosed by the Company, the failure of any which could result in the Company seeking protection under the Bankruptcy Code; the satisfaction of the conditions to the advance approval by FF Top and Season Smart Limited of the warrants and notes issued to affiliates of ATW Partners LLC and Daguan International Limited; the ability of the Company to agree on definitive documents to effectuate the governance changes with FF Top; the Company’s ability to remain in compliance with its public filing requirements under the Securities Exchange Act of 1934, as amended, and the listing requirements of The Nasdaq Stock Market LLC (“Nasdaq”) and to continue to be listed on Nasdaq; the outcome of the SEC investigation relating to the matters that were the subject of the Special Committee investigation; the Company’s ability to execute on its plans to develop and market its vehicles and the timing of these development programs; the Company’s estimates of the size of the markets for its vehicles and cost to bring those vehicles to market; the rate and degree of market acceptance of the Company’s vehicles; the success of other competing manufacturers; the performance and security of the Company’s vehicles; potential litigation involving the Company; the result of future financing efforts and general economic and market conditions impacting demand for the Company’s products; recent cost, headcount and salary reduction actions may not be sufficient or may not achieve their expected results; and the ability of the Company to attract and retain employees, including a replacement auditor. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the Company’s registration statement on Form S-1/A filed on October 7, 2022, and other documents filed by the Company from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and the Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221031005838/en/

Investors (English): ir@faradayfuture.com

Investors (Chinese): cn-ir@faradayfuture.com

Media: john.schilling@ff.com

Media: tim.gilman@ff.com

Source: Faraday Future Intelligent Electric Inc.

FAQ

What company appointed Mazars USA LLP as their new auditor?

Faraday Future Intelligent Electric Inc. (NASDAQ: FFIE) appointed Mazars USA LLP as their new independent auditor.

When did Faraday Future change its independent auditor?

The change in independent auditor was effective on October 28, 2022.

What is the significance of appointing Mazars USA LLP?

The appointment of Mazars USA LLP is expected to strengthen Faraday Future's accounting practices and enhance financial organization.

What was the reason for changing auditors from PricewaterhouseCoopers LLP?

The press release does not detail the reasons for the transition from PricewaterhouseCoopers LLP.

Will the new auditor's appointment need stockholder approval?

Yes, the appointment of Mazars USA LLP will be submitted for stockholder ratification at the next meeting.