FF Global Partners LLC, Founding Shareholder and a Partnership of Former and Current Key Faraday Future Executives, Nominated Jie Sheng to the Faraday Future Board as an Independent Director
Faraday Future has announced the nomination of Jie Sheng to its Board of Directors, following the resignation of Lee Liu. Sheng, currently the Head of Operations & Finance Director at FF Global Partners, will also serve on the Nominating and Corporate Governance Committee and the Compensation Committee. This marks a significant governance change by FFGP, the major shareholder, as they aim to improve shareholder value and address dilution concerns from recent financings. The ongoing discussions focus on enhancing governance to ensure the company's long-term success.
- Appointment of Jie Sheng as an independent director indicates a strategic alignment with major shareholders.
- FFGP aims to improve corporate governance, suggesting potential long-term stability and shareholder value enhancement.
- Recent and future financing has caused substantial dilution of shareholder rights, raising concerns over governance.
- Mr. Lee Liu has stepped down from the Faraday Future Board
- Mr. Jie Sheng, has been nominated as a new independent board member and a member of the Nominating and Corporate Governance Committee and the Compensation Committee
LOS ANGELES, Dec. 22, 2022 /PRNewswire/ -- FF Top, which is controlled and managed by FF Global Partners LLC ("FFGP"), founding shareholder and a partnership of former and current key Faraday Future ("FF", "FFIE", "the Company") executives announced the nomination of Mr. Jie Sheng as replacement FFGP Designee to fill the recent vacancy created by the resignation from the FFIE Board of Directors by Designee Mr. Lee Liu. The Board also nominated Mr. Sheng as a member of the Nominating and Corporate Governance Committee and the Compensation Committee.
"I'd like to express my thanks to Lee Liu for his contribution to the FFIE Board and the company", said Jerry Wang, President of FFGP.
Mr. Sheng, age 39, is currently the Head of Operations & Finance Director of FF Global Partners LLC, a position he has held since June 2022. FF Global Partners LLC, through its subsidiary FF Top, is the Company's largest stockholder. From October 2018 to June 2022, Mr. Sheng served as Deputy Managing Director of China Aviation Fuel (Europe) Limited, a wholly-owned subsidiary of China Aviation Oil (Singapore) Corporation ("CAO"), a Singapore Exchange-listed Company, which in turn is a majority-owned subsidiary of China National Aviation Fuel Group Corporation ("CNAF"), a fortune 500 company, the largest Chinese state-owned aviation fuel supplier which integrates the purchase, transportation, storage, quality management, sales and into-plane service of aviation fuel in China.
From October 2008 to October 2018, Mr. Sheng served as Executive Director of Finance, North American Fuel Corporation, also a wholly owned subsidiary of CAO, which conducts aviation fuel procurement, supplies jet fuel, and engages in general aviation endeavors in North America. Mr. Sheng received a master's degree in accounting and financial economics from the University of Essex in 2008.
With regards to the new appointment, Mr. Wang stated, "This is the first time that FFGP, as the major shareholder of FFIE, nominated a core executive as an independent director of FFIE. This is an important milestone, and it is of great alignment, promoting the success of FF and maximizing shareholder value."
To ensure long-term success and continued company fundraising, while also referring to industry best practices, as founding shareholder and a partnership of former and current key FFIE executives, FFGP and FFIE are discussing further governance changes to restore FFGP's loss of rights due to the substantial dilution caused by the Company's recent and future financing. FFGP believes these improvements in governance are the best way to rebuild a strong foundation, maximize the Company's value for all shareholders, and give FFIE a fighting chance for future success.
FF Global Partners is a "Futurist Alliance" composed of dozens of core members of FF from different professional disciplines such as AI, Internet, IT and automotive who share the same vision and values. Our governance structure mostly referred to the Alibaba model – all partners share entrepreneurship, ownership, risks, governance, and exercise top-level control over FF together, and ultimately realize a shared dream and mission. It is a proven industry best practice and has provided FF with a unique competitive advantage and cornerstone for success in company culture, governance structure and talent system. All partners represent the real interests of the company.
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. This communication is not a solicitation of proxies in connection with any matter to be voted upon by stockholders.
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", "potential" 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 control of FF Top, 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 referred to in this press release, the failure of any which could result in the Company seeking protection under the Bankruptcy Code; the failure of the conditions to the full implementation of FF Top's governance agreement with the Company to be satisfied and other factors. The foregoing list of factors is not exhaustive. 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 FF Top 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.
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SOURCE FF Top Holding LLC
FAQ
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