Faraday Future Intelligent Electric Inc. (NASDAQ: FFIE) ("FF”,
“Faraday Future”, or “the Company”), a California-based global
shared intelligent electric mobility ecosystem company, today
announced that the company has signed an Amended and Restated
Shareholder Agreement (the “Shareholder Agreement”) with FF Top LLC
(“FF Top”), the wholly owned subsidiary of FF Global Partners LLC
(“FFGP”). The Company and the China Huanggang Government (“City of
Huanggang”) have also reached the non-binding Cooperation Framework
Agreement for promoting its US-China dual-home market strategy.
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the full release here:
https://www.businesswire.com/news/home/20230117006154/en/
Faraday Future Announces Strategic
Agreement with the City of Huanggang in Hubei Province, China and
Signs New Shareholder Agreement with FF Global Partners LLC. Left:
Yaling Wang, Deputy Mayor of Huanggang City. Right: Jason Song,
Vice president of FF China. (Photo: Business Wire)
The newly signed Shareholder Agreement solidifies FF Top as an
important shareholder with 1:10 super voting rights, subject to
shareholder approval, and 1:20 super voting rights when FF’s market
cap reaches $3 billion, also subject to shareholder approval. FF
Top will also have the right to nominate four FF Top designees
among seven board seats on the terms and conditions set forth in
the Shareholder Agreement, which would provide FF Fop with control
of the FF board of directors together with certain financing
approval rights. The appointment or nomination for election to the
FF Board of any FF Top designee shall be subject to the prior
reasonable verification and/or reasonable approval of the
Nominating and Corporate Governance Committee of the FF Board
subject to certain criteria (and no other verifications or
approvals). FF Top has informed the Company that the additional
proposals in the Shareholder Agreement are expected to be submitted
to shareholders for approval.
According to the Framework Agreement with the City of Huanggang,
FF intends to relocate its future FF China Headquarters there which
will support its US-China dual home market and US-China Dual DNA
strategy.
In accordance with the Framework Agreement, and in furthering
complementary advantages, mutual benefit, and common development,
both parties are expected to contribute their respective advantages
in investment, scientific and technological innovation, industrial
transformation, location, and policy. Huanggang is expected to
actively assist FF with the industrial layout in Huanggang City,
deployment of relevant resources, while providing support for FF’s
business ventures in Huanggang City, including but not limited to
financial and policy support. Faraday Future intends to relocate
its FF China headquarters in Huanggang City, while maintaining its
global headquarters in Los Angeles, California. The China
headquarters is expected to be jointly funded by the Huanggang
Government guide fund, industrial fund, and FF. The Framework
Agreement was signed in Q3 of 2022.
“I am very grateful to the FF global partners for their help
during the most difficult period of the company in the past, and I
also hope to continue to receive help from FFGP in future company
financing and other aspects,” said Chen Xuefeng, the Global CEO of
FF.
FF expects to start production of a saleable FF 91 Futurist at
the end of March 2023, coming off the assembly line in early April,
with deliveries before the end of April. The Company has completed
manufacturing milestone #6 of FF 91 Futurist, the completion of
construction and equipment installation in vehicle assembly areas.
This marks six of the seven milestones (the 7th milestone being
SOP) to mark its manufacturing achievements towards the start of
production of the FF 91 Futurist. In addition, the FF 91 Futurist
has also completed significant upgrades of systems and core
components from both the vehicle, and I.A.I area – the advanced
core, which stands for Internet, Autonomous Driving, and
Intelligence.
About the City of Huanggang, Hubei Province, China:
The City of Huanggang is located in the eastern part of Hubei
Province, to the south of the Dabie Mountain, north of the middle
reaches of the Yangtze River, and at the middle section of the
Beijing-Kowloon Railway. Huanggang is a city with rich history and
culture. It has a territory of 17,400 square kilometers, a
registered population of 7,252,700 and a resident population of
5,782,700. In the first half of 2022, Huanggang City achieved a
regional GDP of 115.513 billion RMB, with year-over-year growth of
4.9%, ranking 5th in Hubei province, 8 places up compared with the
year before. The main economic indicators continue to maintain a
solid growth trajectory, faster than the province level with
progress on all fronts.
Huanggang borders the city of Wuhan and is a satellite town of
the latter; downtown Huanggang is 70 km away from downtown Wuhan.
As an important part of the Greater Wuhan area, Huanggang carries
the mission of new energy vehicle development in Hubei Province.
Huanggang boasts convenient transportation with 3 high-speed
railway stations and well-developed railroad transportation. It is
only a 1.5-hour drive from Wuhan Tianhe Airport, the international
aviation hub in central China, and 30 km from Ezhou Huahu Airport,
the first dedicated cargo airport in Asia. It also has container
terminals with direct access to Europe, America, Japan and Korea,
etc.
Hubei Province holds a prominent place in China’s auto industry
with 2.1 million vehicles produced in 2021, accounting for over 8%
of China’s auto production. In 2021, Hubei Province ranked 7th in
GDP among 31 Chinese provinces and municipalities.
Hubei Province is equipped with a comprehensive automotive
industrial chain and the ability to develop and manufacture
complete vehicles and key components of the propulsion system. It
also has a talent pool and the foundation for the development of
scientific and technological innovation. Hubei Province is
accelerating the building of a trillion-dollar automotive industry
cluster and a new energy and intelligent automotive industry of
nationwide significance.
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.
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, which
include among other things, statements regarding the potential
timing for holding the Company’s next annual stockholders meeting,
the possibility of a future stock split, reverse stock split or
other similar corporate action after January 13, 2023 and the
Framework Agreement, 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 whether the
Amended Shareholder Agreement complies with Nasdaq listing
requirements, the market performance of the Company’s Common Stock,
the Company’s ability to regain compliance with, and thereafter
continue to comply with, the Nasdaq listing requirements; the
Company’s ability to satisfy the conditions precedent and close on
the various financings previously disclosed by the Company and any
future financings, the failure of any of which could result in the
Company seeking protection under the Bankruptcy Code; the Company’s
ability to amend its certificate of incorporation to permit
sufficient authorized shares to be issued in connection with the
Company’s existing and contemplated financings; whether the Company
and the City of Huanggang could agree on definitive documents to
effectuate the Framework Agreement; the Company’s ability to remain
in compliance with its public filing requirements under the
Securities Exchange Act of 1934, as amended; the outcome of the SEC
investigation relating to the matters that were the subject of the
Special Committee investigation and other litigation involving the
Company; 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 directors and
employees. 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 filed on December 23,
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20230117006154/en/
Investors (English): ir@faradayfuture.com Investors
(Chinese): cn-ir@faradayfuture.com Media:
john.schilling@ff.com
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