Faraday Future Continues Actions to Protect Stockholders Against Potential Illegal Trading Activities
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As announced in October of this year, FF engaged ShareIntel to help identify potential illegal short selling and other abusive trading activities. To date, ShareIntel's DRIL-Down™ analysis has identified reporting imbalances in FF’s shares that may be material to FF’s public float and average daily trading volume. These imbalances may be a byproduct of non-compliant or illegal trading activities and may indicate that certain traders have sold but failed to deliver a significant number of shares of FF’s common stock.
Matthias Aydt, Global CEO of FF, commented, "Based on the findings of ShareIntel's analysis to date, we are deeply concerned that FF may have been the target of a market manipulation scheme involving illegal short selling. FF’s Board and management are committed to protecting our investors and maximizing shareholder value, and we will take all actions necessary to ensure FF is not the target of market manipulation. We will continue to work with ShareIntel to combat potentially manipulative and egregious illegal short selling and trading activities to help ensure fair market conditions."
"ShareIntel tracks share ownership and monitors critical broker-dealer and shareholder movements," said David Wenger, President and Chief Executive Officer of ShareIntel. "We look forward to continuing efforts to help Faraday Future Intelligent Electric Inc. identify parties to potentially abusive and illegal naked short selling, implement action plans to mitigate such activity and help maximize shareholder ownership transparency."
ABOUT FARADAY FUTURE
Faraday Future is the pioneer of the Ultimate AI TechLuxury ultra spire market in the intelligent EV era, and the disruptor of the traditional ultra-luxury car civilization epitomized by Ferrari and Maybach. FF is not just an EV company, but also a software-driven intelligent internet company. Ultimately FF aims to become a User Company by offering a shared intelligent mobility ecosystem. FF remains dedicated to advancing electric vehicle technology to meet the evolving needs and preferences of users worldwide, driven by a pursuit of intelligent and AI-driven mobility.
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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 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 continue as a going concern and improve its liquidity and financial position; the Company’s ability to remediate its material weaknesses in internal control over financial reporting; risks related to the restatement of the Company’s previously issued consolidated financial statements; the Company’s limited operating history and the significant barriers to growth it faces; the Company’s history of losses and expectation of continued losses; increased operating expenses; incorrect assumptions and analyses developed by management; the market performance of the Company’s common stock; the Company ability to comply with Nasdaq listing requirements; 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; the Company’s ability to receive funds from, satisfy the conditions precedent of, and close on the various financings described elsewhere by the Company; the result of future financing efforts, the failure of any of which could result in the Company seeking protection under the Bankruptcy Code; the Company’s indebtedness; the Company’s ability to cover future warranty claims; insurance coverage; the outcome of the Securities and Exchange Commission (“SEC”) investigation relating to the matters that were the subject of the Special Committee investigation; the success of the Company’s remedial measures taken in response to the Special Committee findings; the Company’s dependence on its suppliers and contract manufacturers; the Company’s ability to develop and protect its technologies; the Company’s ability to protect against cybersecurity risks; general economic and market conditions impacting demand for the Company’s products; risks related to the Company’s operations in
View source version on businesswire.com: https://www.businesswire.com/news/home/20231214680537/en/
Investors (English): ir@faradayfuture.com
Investors (Chinese): cn-ir@faradayfuture.com
Media: john.schilling@ff.com
Source: Faraday Future
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