FFIEW Faraday Future Intelligent Electric Inc

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

Date of Report (Date of earliest event reported): November 13, 2024

 

Faraday Future Intelligent Electric Inc.

(Exact name of registrant as specified in its charter) 

 

Delaware		001-39395		84-4720320
(State or other jurisdiction		(Commission File Number)		(I.R.S. Employer
of incorporation)				Identification No.)

 

18455 S. Figueroa Street
Gardena,CA		90248
(Address of principal executive offices)		(Zip Code)

 

(424) 276-7616

(Registrant’s telephone number, including area code)

 

Not Applicable

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Class A common stock, par value $0.0001 per share		FFIE		The Nasdaq Stock Market LLC
Redeemable warrants, exercisable for shares of Class A common stock at an exercise price of $110,400.00 per share		FFIEW		The Nasdaq Stock Market LLC

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ☒

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

Item 8.01 Other Events.

 

On November 13, 2024, Faraday Future Intelligent Electric Inc. (the “Company”) issued a press release announcing that it had entered into an exclusive strategic licensing agreement with Grow Fandor Inc.

 

The information contained in this Current Report on Form 8-K, including Exhibit 99.1 hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

 

Item 9.01 Financial Statements and Exhibits.

 

(d) Exhibits. The following exhibits are filed with this Current Report on Form 8-K:

 

No.		Description of Exhibits
99.1		Press Release, dated November 13, 2024.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

	FARADAY FUTURE INTELLIGENT ELECTRIC INC.
Date: November 13, 2024	By:	/s/ Matthias Aydt
	Name:	Matthias Aydt
	Title:	Global Chief Executive Officer

 

 

2

 

Exhibit 99.1

 

Faraday Future and Grow Fandor Forge Exclusive Strategic Licensing Collaboration, a Potential New Growth Driver

 

●

FF has received the initial $250,000 annual license fee.

 

●

The anticipated economic benefits for FF from this collaboration include a royalty fee equal to the greater of (a) 50% of the annual net profit from FF and FX ecosystem products and (b) 5% of net sales revenue from all relevant brand ecosystem products.

 

●

FF will not be required to contribute any resources for development of branded products.

 

Los Angeles, CA (Nov. 13, 2024) -- 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 a comprehensive strategic licensing agreement with Grow Fandor, an IP commercialization company. As FF’s exclusive licensee for ecosystem products, Grow Fandor will manage the design, development, sales, and operations for certain ecosystem products bearing the FF and Faraday X (FX) brands. This collaboration has the potential to become a new growth driver for FF.

 

Under the terms of the licensing agreement, Grow Fandor has exclusive licensing rights as the only third-party allowed to use the FF and FX brands and marks during the contract term. This right includes, but is not limited to, categories like apparel, automotive accessories, home goods, and personal care products. FF will not be required to contribute any resources for development of branded products. Furthermore, FF will financially benefit from an annual license fee and additional licensing royalties. Grow Fandor will fully assume responsibility for all tasks related to these products, encompassing research and development, supply chain management, sales, and after-sales services.

 

The anticipated economic benefits for FF from this collaboration include: (1) a royalty fee, payable quarterly, calculated as the greater of: (a) 50% of the annual net profit from FF and FX ecosystem products, and (b) 5% of net sales revenue from all relevant brand ecosystem products, payable quarterly (whichever amount is higher will be the final royalty fee for that year); and (2) a $250,000 annual base license fee. The initial annual license fee has been paid and received, and subsequent annual license fees will be payable within 30 days after each contract year.

 

FF retains approval rights for the use of its trademarks and the right to audit products bearing these marks, sales revenue, and the right to share sales, enabling and the ability FF to sell ecosystem products through its own channels. Grow Fandor must secure written approval from FF before launching any product designs, advertisements, or announcements involving FF trademarks, ensuring FF’s control over its brand image.

 

 

Branded products have become a significant revenue source for many automotive companies, especially within the luxury and performance segments. FF has been actively exploring opportunities in this space, and with this new collaboration, it positions FF for growth and market expansion within this unique consumer products sector.

 

Previously, YT Jia gifted nearly 60% of his shares in Grow Fandor to FF, making FF a significant shareholder with 10% ownership of the company’s shares.

 

This strategic licensing agreement represents a new level of collaboration between the two companies, allowing FF to benefit from an additional revenue stream beyond vehicle manufacturing, without increased financial, labor, or other expenses. This business expansion not only diversifies FF’s revenue sources but could also enhance global brand recognition for both FF and FX.

 

“We are very pleased to establish a strategic collaboration with Grow Fandor for our ecosystem products. Grow Fandor’s commitment to supporting FF’s growth in this new area is invaluable, and we look forward to realizing the potential of this promising new business segment,” said Matthias Aydt, Global CEO of FF.

 

A spokesperson for Grow Fandor added, “We are honored to enter this strategic collaboration with FF. Grow Fandor is dedicated to maximizing the brand value of FF and FX. We believe this cooperation will drive a dynamic synergy between our companies, fostering mutual growth and success.”

 

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.

 

ABOUT GROW FANDOR

 

Grow Fandor is a pioneering IP commercialization company that leverages a business IP matrix of top entrepreneurs and celebrities to transform content and commerce across industries. Founded by YT Jia and partners, this venture merges robust technological platforms with high-quality international supply chains to innovate in video and live-stream e-commerce, brand derivative commercialization, and knowledge empowerment. With a strategic emphasis on bridging market gaps between China and the U.S., Grow Fandor not only aims to introduce advanced business models and premium international products across borders but also fosters cross-cultural business growth and collaboration. Its mission is to empower driven individuals and visionary entrepreneurs with tools that enhance their professional and personal lives, thereby contributing to global economic development and innovation.

 

 

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 statements regarding the licensing agreement with and equity interest in Grow Fandor, 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, among others: the ability of Grow Fandor to successfully market ecosystem products with the FF and FX marks; the Company’s interest in Grow Fandor lacks antidilution protection and the Company has no ability to prohibit or otherwise restrict material dilution of its investment interest in Grow Fandor. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the Company’s Form 10-K filed with the SEC on May 28, 2024, as amended on May 30, 2024, and June 24, 2024, as updated by the “Risk Factors” section of the Company’s first quarter 2024 Form 10-Q filed with the SEC on July 30, 2024, and other documents filed by the Company from time to time with the SEC.

 

CONTACTS

 

Investors (English): ir@faradayfuture.com

 

Investors (Chinese): cn-ir@faradayfuture.com

 

Media: john.schilling@ff.com   

 

 

3

 

v3.24.3

Cover	Nov. 13, 2024
Document Type	8-K
Amendment Flag	false
Document Period End Date	Nov. 13, 2024
Entity File Number	001-39395
Entity Registrant Name	Faraday Future Intelligent Electric Inc.
Entity Central Index Key	0001805521
Entity Tax Identification Number	84-4720320
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	18455 S. Figueroa Street
Entity Address, City or Town	Gardena
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90248
City Area Code	(424)
Local Phone Number	276-7616
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Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	false
Class A common stock, par value $0.0001 per share
Title of 12(b) Security	Class A common stock, par value $0.0001 per share
Trading Symbol	FFIE
Security Exchange Name	NASDAQ
Redeemable warrants, exercisable for shares of Class A common stock at an exercise price of $110,400.00 per share
Title of 12(b) Security	Redeemable warrants, exercisable for shares of Class A common stock at an exercise price of $110,400.00 per share
Trading Symbol	FFIEW
Security Exchange Name	NASDAQ

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