Faraday Future Announces Management Stock Purchase Plan
22 September 2023 - 8:10AM
Business Wire
- Management Further Strengthen Alignment with Stockholders Via
Stock Purchase Plan.
- Future Global CEO Matthias Aydt, Founder & Chief Product
and Ecosystem Officer YT Jia, Current Global CEO and Future EVP of
Global Industrialization & China CEO XF Chen, Interim CFO
Jonathan Maroko and Chief Accounting Officer Yun Han, Along with
Other Senior Executives and Members of Management, Committed to
Invest Part of Their Salary to Purchase Stock.
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 its future Global CEO Matthias Aydt, Founder &
Chief Product and User Product Officer YT Jia, current Global CEO
and future EVP of Global Industrialization & China CEO XF Chen,
Interim CFO Jonathan Maroko, and Chief Accounting Officer Yun Han,
along with other senior executives and members of management, have
voluntarily entered into a salary deduction and stock purchase
agreement. Subject to shareholder approval of the agreement as
required by Nasdaq, these senior executives and members of
management have committed to utilize 50% of their salary over a
three-month period to purchase shares of the Company's Class A
common stock from the Company to further demonstrate their belief
and support in the business. Shares will be locked-up for a minimum
of 180 days from issue date. All participants will be purchasing
shares of Class A common stock directly from the Company.
"Throughout its history, Faraday Future has been deeply
committed to its employees, users, and its vision for a sustainable
transportation future. Executives agreeing to invest part of their
compensation in exchange for additional ownership shows a deep
alignment of interest with stockholders," said Matthias Aydt. When
viewing the Company’s share performance, management believes that
Faraday has been undervalued by the market and wants to showcase
their commitment and belief in the Company by entering into these
agreements. The Company believes this action underscores the
commitment and ownership mindset that is a core competitive
advantage for our Company. Our core executives display a strong
sense of ownership, and with this spirit, we believe the Company
can overcome current challenges and make substantial strides in our
business.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy, nor may there be any sale of the
Company's Class A common stock in any state or jurisdiction in
which such an offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities law of any
state or jurisdiction.
Users can preorder an FF 91 vehicle via the FF Intelligent App
or through the Company’s website at: (English):
https://www.ff.com/us/preorder/ or (Chinese):
https://www.ff.com/cn/preorder/.
Download the new FF Intelligent App:
http://appdownload.ff.com
ABOUT FARADAY FUTURE
FF is the pioneer of the Ultimate Intelligent TechLuxury ultra
spire market in the intelligent EV era, and a disruptor of the
traditional ultra-luxury car industry. FF is not just an EV
company, but also a software-driven company of intelligent internet
AI product.
FOLLOW FARADAY FUTURE
https://www.ff.com/ https://www.ff.com/us/mobile-app/
https://twitter.com/FaradayFuture
https://www.facebook.com/faradayfuture/
https://www.instagram.com/faradayfuture/
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, which
include statements regarding the Company’s expectations regarding
the salary deduction and stock purchase program, 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 Company’s ability to continue as a going
concern and improve its liquidity and financial position; 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
Company’s ability to satisfy the conditions precedent 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; general economic and market conditions impacting demand for
the Company’s products; potential 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, any adverse developments in existing legal
proceedings or the initiation of new legal proceedings, and
volatility of the Company’s stock price. 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/A filed with the Securities and Exchange
Commission (“SEC”) on August 21, 2023, 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/20230921942377/en/
Investors (English): ir@faradayfuture.com Investors (Chinese):
cn-ir@faradayfuture.com Media: john.schilling@ff.com
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