- 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