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Faraday Future Statement Regarding Misinformation Campaign and Recent Threats
Rhea-AI Impact
(Moderate)
Rhea-AI Sentiment
(Very Negative)
Tags
Rhea-AI Summary
Faraday Future Intelligent Electric is actively seeking financing alternatives for FF 91 production. Their capital-raising efforts have been hindered by a misinformation campaign alleging conspiracy among directors for personal bankruptcy gain. An independent investigation concluded these claims are baseless. Despite facing death threats against executives, the company is cooperating with law enforcement. Faraday Future strives to protect its team and continue its mission as a luxury electric vehicle innovator.
Positive
Independent investigation cleared directors of bankruptcy conspiracy allegations.
Company is committed to protecting its officers and directors against threats.
Negative
Capital-raising efforts are hindered by misinformation and threats.
Threats against executives include physical violence and death threats.
LOS ANGELES--(BUSINESS WIRE)--
Faraday Future Intelligent Electric Inc.’s (the “Company”) board of directors, along with its advisors, continues to pursue financing alternatives with multiple parties to support the production of its FF 91. Unfortunately, efforts to raise capital have been impacted by a misinformation campaign of completely baseless allegations that certain directors are conspiring to pursue an unnecessary bankruptcy for their own personal gain. The Company hired an independent law firm to conduct a thorough independent external investigation with respect to these allegations. The independent investigation, led by a former prosecutor, found that these false allegations were without merit.
These unfounded allegations have nevertheless continued against certain of the Company’s officers and directors. Threats that began with lawsuits have escalated to threats of physical violence and even death threats. Faraday takes these threats seriously and is referring them to the appropriate law enforcement authorities, including state and local police, the FBI, the Securities and Exchange Commission, the Department of Justice and international authorities. The Company will cooperate with law enforcement in investigating and support any prosecution of any person found to be involved in any threat or act of violence to the fullest extent of the law.
The Company takes threats against its directors, officers and employees seriously and will undertake all efforts to protect such parties from any and all such inappropriate, uninformed, and unacceptable conduct. Any party involved in making or encouraging such threats will be brought to justice.
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.
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, and include (among others) statements regarding the expected timing of the launch of FF 91 and FF 81 vehicles and anticipated production capacity of the Company’s Hanford, California facility. 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 close on its previously announced convertible notes financing, raise additional convertible notes and/or other financing the failure of which could result in the Company seeking protection under the Bankruptcy Code; the Company’s ability to obtain the financial viability exception or stockholder approval under Nasdaq Rule 5635 to issue all of the shares issuable upon conversion of the above mentioned convertible notes; the Company’s ability to remain in compliance with 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 implementation of the Special Committee’s actions and related internal review by the Company; 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; and the ability of the Company to attract and retain employees. 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 August 30, 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.
