Faraday Future Announces Three New Members to Its Advisory Board
Faraday Future (FF) has expanded its strategic Advisory Board, adding John Chiang, Ian Rogoff, and Margaret "Peggy" Taylor. The board now consists of six leaders who will provide guidance on fundraising, publicity, and product planning. CEO Carsten Breitfeld emphasized the importance of external perspectives and experience in advancing FF's goals. The company is also preparing to merge with Property Solutions Acquisition Corp. (PSAC), with the merger expected to close in Q2 2021 and facilitate the launch of FF 91, an innovative electric vehicle featuring advanced technology and performance.
- New advisory board members bring diverse industry experience and perspectives.
- The merger with PSAC is anticipated to strengthen FF's market position in the EV sector.
- FF 91 is set to launch within twelve months post-merger, showcasing advanced technology.
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Faraday Future (FF), a California-based global shared intelligent mobility ecosystem company, announced three new members to its strategic Advisory Board today including John Chiang, Ian Rogoff and Margaret “Peggy” Taylor. The Board is now made up of six civic and business leaders who will serve as trusted advisors to FF.
The Advisory Board serves as a sounding board for critical elements at FF such as fundraising, publicity and product planning. Being leaders in their respective fields, the Advisory Board members help to ensure FF product, technologies and business strategies are fully vetted before being released to the public.
“We are privileged that these new members have joined this esteemed group of diverse leaders, who share our company vision, and have joined us to help FF through our future phases of growth,” said Carsten Breitfeld, Global CEO of FF. “The Advisory Board brings outside perspective, new creative ideas and a wealth of industry experience that helps the company achieve its mission and strategic goals and offers recommendations for improvements to enhance our business.”
Advisory Board members are chosen for their experience and their willingness to provide non-biased opinions and guidance to help FF achieve its vision of creating integrated and leading-edge products and technologies to improve lives with the least impact to our environment.
“I am convinced this company can do extraordinary things in the EV and mobility space,” said new Advisory Board member John Chiang, former Treasurer and Controller of the state of California. “I am excited and honored to play a role in helping FF establish a strong presence in the global EV marketplace.”
Members of the Advisory Board include:
John Chiang – Serves as a member of the board of directors of Apollo Medical Holdings, Inc. (Nasdaq: AMEH), Zeuss Technologies and Aegis Systems. In addition, he serves on the corporate advisory boards of Pasadena Private Finance, Calyx Peak and Adept Development. Mr. Chiang was a former Treasurer and Controller of the State of California.
Zhu Xiao Di – Currently the Executive Director at the Coalition of Asian American Business Organizations (CAABO), whose mission is to grow Asian American businesses nationally and to educate the general public on business development issues affecting Asian-Americans in the United States. Mr. Di has been a researcher at Harvard and a consultant with Arthur Andersen LLP.
Ian Rogoff – Co-Founder and General Partner at Sierra Nevada Partners, an investment management company established to buy and grow sustainable businesses located in the Western U.S. Ian currently serves as Chairman and CEO of The Helio Group, an integrated renewable energy company, and Chairman of the Nevada Institute for Renewable Energy Commercialization. Mr. Rogoff brings years of experience with Microsoft and renewable energy.
Stephen Saltzman – Chair of the Asia and Europe Entertainment and Media practice of Paul Hastings and is based in the firm’s London office. Mr. Saltzman has extensive experience in domestic and international transactions in the entertainment and media industries.
Margaret “Peggy” Taylor – Brings decades of board and consulting experience and an extensive track record of expanding and scaling technology companies across the enterprise software and financial services industries. Ms. Taylor brings years of experience at PeopleSoft and Board experience at FICO.
Andrew Williams – Has over 35 years of finance industry experience. His most recent role was with Gramercy, a US based Emerging Markets Asset management firm, where he managed Institutional investors, including Sovereign Wealth Funds, in Asia, Australia, Japan and the Middle East. Mr. Williams was also Managing Director and Head of Sovereigns for J.P. Morgan Asset Management
Complete bios and additional information can be found here: https://www.ff.com/us/our-team/
This announcement comes as FF prepares to merge with Property Solutions Acquisition Corp. (“PSAC”) (NASDAQ: PSAC), a special purpose acquisition company (“SPAC”). The previously announced merger agreement, expected to close in the second quarter of 2021, will result in the combined company listing on the Nasdaq Stock Market under the new ticker symbol “FFIE”.
The proposed transaction validates FF's vision to create a mobility ecosystem built upon innovations in technology and products. FF 91 features an industry leading 1,050 HP, 0-60 mph in less than 2.4 seconds, zero gravity seats with the largest 60-degree reclining angles and a revolutionary user experience designed to create a mobile, connected, and luxurious third Internet living space. FF 91 is targeted to launch within twelve months after closing of the merger.
Users can reserve an FF 91 now at: https://www.ff.com/us/reserve
ABOUT FARADAY FUTURE
Established in May 2014, Faraday Future (FF) is a global shared intelligent mobility ecosystem company, headquartered in Los Angeles, California. FF's vision is to create a shared intelligent mobility ecosystem that empowers everyone to move, connect, breathe, and live freely. FF 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. With the FF 91, FF has envisioned a vehicle that redefines transportation, mobility, and connectivity, creating a true “third Internet living space,” complementing users’ home and smartphone Internet experience.
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ABOUT PROPERTY SOLUTIONS ACQUISITION CORP.
Property Solutions Acquisition Corp. is a special purpose acquisition company formed for the purpose of effecting a merger, stock purchase or similar business combination with one or more differentiated businesses. The company is managed by Co-CEO’s Jordan Vogel and Aaron Feldman.
Property Solutions I is a
IMPORTANT INFORMATION AND WHERE TO FIND IT
This press release relates to a proposed transaction between PSAC and FF. PSAC intends to file with the Securities and Exchange Commission (“SEC”) a registration statement on Form S-4 that will include a proxy statement and prospectus of PSAC and a consent solicitation statement with respect to FF. The proxy statement/consent solicitation statement/prospectus will be mailed to stockholders of PSAC as of a record date to be established for voting on the proposed business combination. PSAC also will file other relevant documents from time to time regarding the proposed transaction with the SEC. INVESTORS AND SECURITY HOLDERS OF PSAC ARE URGED TO READ THE PROXY STATEMENT, PROSPECTUS AND OTHER RELEVANT DOCUMENTS THAT WILL BE FILED BY PSAC FROM TIME TO TIME WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and security holders will be able to obtain free copies of the proxy statement/consent solicitation statement/prospectus and other documents containing important information about PSAC and FF once such documents are filed with the SEC, through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed with the SEC by PSAC when and if available, can also be obtained free of charge by directing a written request to Property Solutions Acquisition Corp., 654 Madison Avenue, Suite 1009, New York, New York 10065.
PARTICIPANTS IN THE SOLICITATION
PSAC and FF and their respective directors and executive officers, under SEC rules, may be deemed to be participants in the solicitation of proxies of PSAC’s stockholders in connection with the proposed transaction. Investors and security holders may obtain more detailed information regarding the names and interests in the proposed transaction of PSAC’s directors and officers in PSAC’s filings with the SEC, including PSAC’s Quarterly Report on Form 10-Q for the period ended September 30, 2020, which was filed with the SEC on November 13, 2020. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies to PSAC’s stockholders in connection with the proposed business combination will be set forth in the proxy statement/consent solicitation statement/prospectus for the proposed business combination when available. Additional information regarding the interests of participants in the solicitation of proxies in connection with the proposed business combination will be included in the proxy statement/consent solicitation statement/prospectus that PSAC intends to file with the SEC.
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 PSAC’s or FF’s management’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 inability to complete the transactions contemplated by the proposed business combination; the inability to recognize the anticipated benefits of the proposed business combination, which may be affected by, among other things, the amount of cash available following any redemptions by PSAC stockholders; the ability to meet the Nasdaq’s listing standards following the consummation of the transactions contemplated by the proposed business combination; costs related to the proposed business combination; FF’s ability to execute on its plans to develop and market its vehicles and the timing of these development programs; FF’s estimates of the size of the markets for its vehicles; the rate and degree of market acceptance of FF’s vehicles; the success of other competing manufacturers; the performance and security of FF’s vehicles; potential litigation involving PSAC or FF; the result of future financing efforts and general economic and market conditions impacting demand for FF’s products. Other factors include the possibility that the proposed transaction does not close, including due to the failure to receive required security holder approvals, or the failure of other closing conditions. 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 registration statement on Form S-4 and proxy statement/consent solicitation statement/prospectus discussed above and other documents filed by PSAC 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 neither PSAC nor FF 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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