Faraday Future Continues Actions to Protect Stockholders Against Potential Illegal Trading Activities
December 14 2023 - 10:03PM
Business Wire
Faraday Future Intelligent Electric Inc. (NASDAQ: FFIE)
(“Faraday Future”, “FF” or “Company”), a California-based global
shared intelligent electric mobility ecosystem company, today
announced that it has completed the first phase analysis of
identifying potential illegal trading activity, and is taking
additional steps to help mitigate such activity with
ShareIntel-Shareholder Intelligence Services, LLC into a second
phase of work.
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.
FOLLOW FARADAY FUTURE
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www.linkedin.com/company/faradayfuture/
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 China; risks related to the
Company’s stockholders who own a significant amount of the
Company’s common stock; potential cost, headcount and salary
reduction actions may not be sufficient or may not achieve their
expected results; the ability of the Company to attract and retain
directors and employees; any adverse developments in existing legal
proceedings or the initiation of new legal proceedings; and
volatility of the Company’s stock price. 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 Annual Report on
Form 10-K/A for the year ended December 31, 2022 and Quarterly
Report on Form 10-Q for the quarter ended September 30, 2023, as
well as in 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.
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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
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