Faraday Future Plans to Host a Special Meeting of Stockholders on March 30th, 2023, Announces Plans for Additional $50 Million Offering to Existing Shareholders
Faraday Future Intelligent Electric Inc. (NASDAQ: FFIE) will hold a special stockholders meeting on March 30, 2023, requiring stockholder approval to access remaining funds from a $135 million fundraising. Initial funds have been received as planned. The Company has received non-binding interest for an additional $50 million to support FF 91 Futurist production. Key proposals include stockholder approval for transactions involving certain notes and ratification of Mazars as the independent accounting firm for 2022. Voting can be conducted online or via proxy to ensure representation during the meeting.
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Affirmative vote required on
March 30, 2023 special meeting of stockholders in order for the Company to receive remaining funds as contemplated in the fundraising announced on$135 million February 5, 2023 ; initial funding amounts have been received by the Company as planned -
Company has already received non-binding indications of interest for nearly full amount of additional
fundraising to support scaling FF 91 Futurist production, and the Company is providing its stockholders the opportunity to invest$50 million
The special stockholder meeting on
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The Company needs approval from its stockholders for certain transactions involving the Tranche C and D notes and warrants issued or to be issued to
FF Simplicity Ventures LLC ,Senyun International Limited ,Acuitas Capital, LLC , and/or their affiliates. This approval is required by theNasdaq Stock Market rules and regulations for the Company to issue shares that exceed19.99% of the total number of outstanding shares of Common Stock in relation to those notes and warrants.
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The Company is seeking stockholder ratification of the selection of
Mazars as the independent registered public accounting firm of the Company for the year endedDecember 31, 2022 .
The Company has received initial funding from investors as planned based on investment agreement. Stockholder approval of the first proposal above is a condition to complete the remaining portion of the recently announced financing commitments of
FFIE stockholders may cast their vote over the Internet, by telephone or by completing and mailing the proxy card by following the instructions on the proxy card. Signing and returning the proxy card or submitting your proxy by Internet or telephone in advance of the special meeting will not prevent you from voting at the special meeting if you attend virtually but will assure that your vote is counted if you are unable to attend the special meeting.
Proxies forwarded by or for banks, brokers or other nominees should be returned as requested by them. We encourage you to vote promptly to ensure your vote is represented at the special meeting, regardless of whether you plan to attend the special meeting.
You can go to the proxy section of www.ff.com to access voting details at this address to participate in the meeting
As the new board of directors and management strive to maximize stakeholder interest, the Company would like to provide FFIE stockholders that are accredited investors an investment opportunity at this exciting turning point that will help the Company scale production of the FF 91 Futurist vehicles. FF expects that once the Company starts production and delivery of the FF 91 Futurist vehicles as anticipated, FF’s cost of capital will drop considerably as the Company continues to hit milestones and begins to generate revenue.
Please see attached letter for full details:
English:
https://www.ff.com/us/letter-to-investors-0308/
Chinese:
https://www.faradayfuturecn.com/cn/letter-to-investors-0308/
FFIE is immensely grateful to its stockholders for their unwavering trust and appreciate their continued support. Over the past few months, FF has taken steps to strengthen the board and management and is dedicated to ensuring the best interests of FF’s stakeholders. These efforts demonstrate a commitment to the promises as the Company establishes a strong foundation to achieve the ultimate goal of generating value for its stakeholders.
FF is the pioneer of the Ultimate Intelligent TechLuxury ultra spire market in the intelligent EV era, and a disruptor of the traditional ultra-luxury car civilization.
FF is not just an EV company, but also a software-driven company of intelligent internet AI product. Ultimately, FF aims to become a
FF envisions the growth of FF in three phases:
The phase 1 goal is to deliver the FF 91
As the Company introduces more upcoming vehicle models, the user ecosystem will begin to take shape. FF expects that subsequent hardware revenues will grow, and the eco revenues, which include internet apps, software, and sharing, will also continue to grow. The phase 2 goal is to establish FF as a major player in the high-value user market.
During phase 3, FF intends to sustain the growth of its hardware revenues and eco revenues, which FF believes will constitute an increasingly substantial portion of the overall profit.
FF is completing its testing and validation of the FF 91 Futurist through the Product and Technology Generation 2.0 program (PT Gen 2.0). The generational upgrade from PT Gen 1.0 to PT Gen 2.0 consists of significant upgrades of systems and core components in both the vehicle and the I.A.I. area – the advanced core, which stands for Internet, Autonomous Driving, and Intelligence. PT Gen 2.0 was achieved through upgrades of 26 major systems and components, with 13 key upgrades throughout powertrain, battery, charging, chassis, interior from EV areas, and 13 key upgrades in computing, sensing, communication, user interaction, and performance of the FF 91 Futurist.
Competing with Ferrari, Maybach, Rolls Royce, and Bentley as the only next-gen Ultimate Intelligent TechLuxury EV product, the FF 91 Futurist offers a unique and intelligent EV experience with extreme technology and an ultimate user experience. The FF 91 Futurist is undergoing a series of final vehicle validation and testing before production and delivery in the coming months. Among them, the FF 91 Futurist is certified at an EPA range of 381 miles, which is the longest EPA range among electric crossovers and SUVs in the world and nearly 50-70 miles more range than similar competitors. With a 0-60 mph time of just 2.27 seconds, the FF 91 Futurist beats nearly all competitors in the ultra-luxury market segment.
Currently, we are making every effort to prepare for FF 91 Futurist production based on a detailed production plan at the FF ieFactory
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
ABOUT FARADAY FUTURE
FF is the pioneer of the Ultimate Intelligent TechLuxury ultra spire market in the intelligent EV era, and a disruptor of the traditional ultra-luxury car civilization. FF is not just an EV company, but also a software-driven company of intelligent internet AI product.
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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, which include, among other things, statements regarding the anticipated start of production (SOP) and delivery timing for our FF 91 Futurist vehicle, additional funding and timing for receipt thereof, 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 whether the Amended Shareholder Agreement between the Company and FF Top, dated as of
ADDITIONAL INFORMATION
In connection with the special stockholders meeting, the Company has filed with the
PARTICIPANTS IN SOLICITATION
Faraday Future and its respective directors and executive officers and certain Company investors and their representatives may be deemed participants in the solicitation of proxies of the Company’s stockholders in respect of the proposals in the Proxy Statement. Information about the directors and executive officers of Faraday Future, such investors and their representatives and their ownership is set forth in the Company’s filings with the
View source version on businesswire.com: https://www.businesswire.com/news/home/20230309005837/en/
Investors (English): ir@faradayfuture.com
Investors (Chinese): cn-ir@faradayfuture.com
Media: john.schilling@ff.com
Source:
FAQ
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