Faraday Future Announces Chief Accounting Officer and Interim Chief Financial Officer, and Funding Progress
October 26 2022 - 9:31PM
Business Wire
- Yun Han named Chief Accounting Officer and
Interim Chief Financial Officer - - Initial Funding Expected This
Week Under $60 Million Financing Agreement -
Faraday Future Intelligent Electric Inc. (“Faraday Future” or
the “Company”) (NASDAQ: FFIE), a California-based global shared
intelligent electric mobility ecosystem company, today announced
the appointment of Yun Han as Chief Accounting Officer and Interim
Chief Financial Officer, effective October 25, 2022. Ms. Han
replaces Becky Roof, who served as interim Chief Financial Officer
until October 12, 2022, and is assisting the Company to ensure an
orderly transition.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20221026006161/en/
Faraday Future today announced the
appointment of Yun Han as Chief Accounting Officer and Interim
Chief Financial Officer, effective October 25, 2022. (Photo:
Business Wire)
Prior to joining Faraday Future, Ms. Han was Senior Vice
President and Chief Accounting Officer at Romeo Power, Inc
(NYSE:RMO). She was previously Vice President and Controller at
Immunity Bio, Inc. (NASDAQ: IBRX), and held other senior accounting
and finance positions at various companies. Earlier, she spent over
13 years with Price Waterhouse Coopers LLC’s technical accounting
and audit practice. She is a Certified Public Accountant licensed
in the State of California and a graduate of the University of
Southern California.
“I am pleased to welcome Ms. Han as our Chief Accounting Officer
and interim Chief Financial Officer. Yun’s background, training,
and industry experience make her ideally suited to join the
leadership team at Faraday Future. I look forward to working
closely with her to further strengthen our finance and accounting
team, and to raise the additional funds required to deliver on our
promise to bring the FF 91 to market as quickly as possible," said
Dr. Carsten Breitfeld, Global CEO of Faraday Future.
The Company also announced that it has received all of the
previously announced $55 million financing (other than $5 million
of additional bridge notes) from an affiliate of ATW Partners LLC
as expected and anticipates receiving the first $10 million under
the previously announced $60 million financing agreement this week.
Certain additional proceeds are subject to the achievement of
additional milestones and other factors as detailed in the
Company’s Form 8-K dated October 25, 2022. The Company filed a Form
8-K on October 26, 2022 which provides further information on the
Company’s current financial position.
The Company continues to work diligently to raise the additional
funds needed to fund its operations through the start of
production, first deliveries, and beyond. “Faraday Future
appreciates the effort of our largest shareholder FF Top Holdings
LLC along with the exceptional work of my fellow board member Bob
Ye, both of whom were instrumental in securing these new funds
which bring us closer to delivering the FF 91,” said Dr. Breitfeld.
“Our factory is nearing completion, our car is meeting or exceeding
performance specifications, and when we bring the FF 91 Futurist to
market, we will reset consumer expectations for what an intelligent
TechLuxury car should be,” continued Dr. Breitfeld.
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 App (English):
https://apps.apple.com/us/app/id1454187098 or
https://play.google.com/store/apps/details?id=com.faradayfuture.online,
(Chinese): http://appdownload.ff.com
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.
FOLLOW FARADAY FUTURE:
https://www.ff.com/ http://appdownload.ff.com
https://twitter.com/FaradayFuture
https://www.facebook.com/faradayfuture/
https://www.instagram.com/faradayfuture/
www.linkedin.com/company/faradayfuture
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
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 satisfy the
conditions precedent and close on the various financings previously
disclosed by the Company, the failure of any which could result in
the Company seeking protection under the Bankruptcy Code; the
satisfaction of the conditions to the advance approval by FF Top
and Season Smart Limited of the warrants and notes issued to
affiliates of ATW Partners LLC and Daguan International Limited;
the ability of the Company to agree on definitive documents to
effectuate the governance changes with FF Top; the Company’s
ability to remain in compliance with its public filing requirements
under the Securities Exchange Act of 1934, as amended, and 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 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; recent cost, headcount and salary
reduction actions may not be sufficient or may not achieve their
expected results; and the ability of the Company to attract and
retain employees, including a replacement auditor. 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 October 7, 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221026006161/en/
Investors (English): ir@faradayfuture.com Investors (Chinese):
cn-ir@faradayfuture.com
John Schilling Media: john.schilling@ff.com
Tim Gilman Media: tim.gilman@ff.com
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