0001805521
false
0001805521
2023-09-28
2023-09-28
0001805521
FFIE:ClassCommonStockParValue0.0001PerShareMember
2023-09-28
2023-09-28
0001805521
FFIE:RedeemableWarrantsExercisableForSharesOfClassCommonStockAtExercisePriceOf11.50PerShareMember
2023-09-28
2023-09-28
iso4217:USD
xbrli:shares
iso4217:USD
xbrli:shares
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): September 28, 2023
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 $11.50 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 7.01 Regulation FD Disclosure
On September 28, 2023, Faraday
Future Intelligent Electric Inc. (the “Company”) issued a press release recapping its investor presentation webcast with incoming
Global CEO Matthias Aydt and Interim CFO Jonathan Maroko from its Hanford, CA facility held on Thursday, September 28, 2023 at 4:30pm
PDT (7:30pm EDT), outlining its preliminary upcoming FF 91 2.0 Futurist Alliance deliveries for October as part of its ongoing ‘Delivery
Co-Creation Day’ plans, and providing a business update. A copy of the press release is attached as Exhibit 99.1 to this Current
Report on Form 8-K and is incorporated herein by reference. A recorded replay of the webcast is available on the Company’s website
at www.ff.com.
The information contained in this
Current Report on Form 8-K, including Exhibit 99.1, 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:
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: September 29, 2023 |
By: |
/s/ Jonathan Maroko |
|
Name: |
Jonathan Maroko |
|
Title: |
Interim Chief Financial Officer |
2
Exhibit 99.1
Faraday Future Announces
its Outline for October FF 91 2.0 Deliveries as Part of its Ongoing ‘Delivery Co-Creation Day’ Plan and Provides Business
Update
| - | Company reaffirms commitment to reaching additional growth milestones in the future. |
| - | October is expected to continue the monthly trend of increasing month-over-month deliveries. |
Los Angeles, CA (Sept. 28, 2023) -- Faraday Future Intelligent
Electric Inc. (NASDAQ: FFIE) (“Faraday Future”, “FF” or “Company”), a California-based global shared
intelligent electric mobility ecosystem company, today provided a business update via a live investor presentation webcast hosted by incoming
Global CEO Matthias Aydt and Interim CFO Jonathan Maroko from its Hanford, California facility. Topics covered during the webcast included
the considerable foundational milestones achieved over FF’s nine-year history; potential market opportunities; FF’s current
financing situation, including the recently announced “at-the-market” (ATM) financing program; an overview of meaningful cost-cutting
measures being implemented; and lastly, stressing the support and confidence of the senior management team through measures including
the recently announced management stock purchase plan.
The Company also announced the continuation of its Co-Creation partnerships
and outlined preliminary upcoming FF 91 2.0 Futurist Alliance deliveries for October as part of its ongoing ‘Delivery Co-Creation
Day’ plans. In the third quarter, the Company delivered its first three FF 91 2.0 Futurist Alliance vehicles and plans to continue
deliveries going forward. Specifically, the Company expects to deliver the FF 91 2.0 Futurist Alliance vehicle to one of FF’s long-time
investors and the founder of the world’s largest global supplier of American Halloween costumes this weekend. Throughout October, FF will
maintain its commitment to host weekly ‘Delivery Co-Creation Day’ events with four car owners: Emma Herman, Justin Bell, and
two other Co-Creation Officers. Large-scale, high-quality deliveries remain the Company’s most critical strategic goal at present.
A replay of the live webcast can be viewed here: https://ff.com/
or the FF APP
Highlights from the Webinar
The Company filed a registration for an “at-the-market”
(ATM) financing program. Having this program provides additional financial flexibility and optionality for the Company. Working with the
Company’s group of placement agents, through the ATM, with the ability to raise money from the market at current prevailing market
prices. It allows the Company to put a halt to its equity line of credit (ELOC) program and move away from additional convertible notes
financing on which it had to relied over the past year. With an ATM program in place, the Company anticipates a return to more traditional
corporate financing structures to financially support future growth.
The ATM is attractive to the Company, as it can be more flexible and
less dilutive than other forms of equity-linked financing, and significantly less dilutive than the convertible notes FF has issued in
the past year. The Company will be responsible and prudent in using this financing tool.
With approximately $3 billion invested into the Company to date, FF
has delivered the FF 91 2.0 Futurist Alliance, which is truly an all-ability aiHypercar. This amazing vehicle is ready, validated, road
tested, sellable and has now been delivered to the first group of users. The vehicle is also fully compliant for U.S production and delivery.
Furthermore, the supply chain is aligned, and the Company is receiving all necessary parts. This marks a positive shift in the Company’s
fundamentals as the formation of a complete operational closed loop and FF’s entry into the revenue-generating stage has begun.
“The task at hand right now is to increase production and delivery,
build our brand, continue the development of our Co-Creation partnerships and show the world what an amazing vehicle the FF 91 2.0 is,”
said Matthias Aydt, incoming Global CEO of FF. “I plan to focus on working collaboratively with suppliers to align on mutual interests
and I’m going to lead our team’s efforts to improve internal processes and systems. We will work to improve the whole value
chain by managing ongoing production and sales volume as we ramp up sales. And finally, I’m going to work to increase the efficiency
of our operations, streamlining internal and external collaboration to maximize the economic performance of the FF 91 2.0.”
FF operates in a unique market segment – a hybrid of technology,
luxury, and performance, in which it believes it will outperform any other automaker. Given the Company’s dual-home market strategy,
its ability to access the China market (the largest global automotive market) is unique among ultra-high-end vehicle manufacturers such
as Rolls Royce, Ferrari, Bentley, and Maybach. The Company is focused on improving margins, increasing awareness of its vehicles, and
creating brand strength.
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
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.
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 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.
CONTACTS
Investors (English): ir@faradayfuture.com
Investors (Chinese): cn-ir@faradayfuture.com
Media: john.schilling@ff.com
v3.23.3
Cover
|
Sep. 28, 2023 |
Document Type |
8-K
|
Amendment Flag |
false
|
Document Period End Date |
Sep. 28, 2023
|
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
|
Written Communications |
false
|
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 $11.50 per share |
|
Title of 12(b) Security |
Redeemable warrants, exercisable for shares of Class A common stock at an exercise price of $11.50 per share
|
Trading Symbol |
FFIEW
|
Security Exchange Name |
NASDAQ
|
X |
- DefinitionBoolean flag that is true when the XBRL content amends previously-filed or accepted submission.
+ References
+ Details
Name: |
dei_AmendmentFlag |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionFor the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.
+ References
+ Details
Name: |
dei_DocumentPeriodEndDate |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:dateItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.
+ References
+ Details
Name: |
dei_DocumentType |
Namespace Prefix: |
dei_ |
Data Type: |
dei:submissionTypeItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAddress Line 1 such as Attn, Building Name, Street Name
+ References
+ Details
Name: |
dei_EntityAddressAddressLine1 |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
+ References
+ Details
Name: |
dei_EntityAddressCityOrTown |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionCode for the postal or zip code
+ References
+ Details
Name: |
dei_EntityAddressPostalZipCode |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionName of the state or province.
+ References
+ Details
Name: |
dei_EntityAddressStateOrProvince |
Namespace Prefix: |
dei_ |
Data Type: |
dei:stateOrProvinceItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionA unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityCentralIndexKey |
Namespace Prefix: |
dei_ |
Data Type: |
dei:centralIndexKeyItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionIndicate if registrant meets the emerging growth company criteria.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityEmergingGrowthCompany |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionCommission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.
+ References
+ Details
Name: |
dei_EntityFileNumber |
Namespace Prefix: |
dei_ |
Data Type: |
dei:fileNumberItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTwo-character EDGAR code representing the state or country of incorporation.
+ References
+ Details
Name: |
dei_EntityIncorporationStateCountryCode |
Namespace Prefix: |
dei_ |
Data Type: |
dei:edgarStateCountryItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityRegistrantName |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityTaxIdentificationNumber |
Namespace Prefix: |
dei_ |
Data Type: |
dei:employerIdItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionLocal phone number for entity.
+ References
+ Details
Name: |
dei_LocalPhoneNumber |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 13e -Subsection 4c
+ Details
Name: |
dei_PreCommencementIssuerTenderOffer |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 14d -Subsection 2b
+ Details
Name: |
dei_PreCommencementTenderOffer |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTitle of a 12(b) registered security.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b
+ Details
Name: |
dei_Security12bTitle |
Namespace Prefix: |
dei_ |
Data Type: |
dei:securityTitleItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionName of the Exchange on which a security is registered.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection d1-1
+ Details
Name: |
dei_SecurityExchangeName |
Namespace Prefix: |
dei_ |
Data Type: |
dei:edgarExchangeCodeItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Section 14a -Number 240 -Subsection 12
+ Details
Name: |
dei_SolicitingMaterial |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTrading symbol of an instrument as listed on an exchange.
+ References
+ Details
Name: |
dei_TradingSymbol |
Namespace Prefix: |
dei_ |
Data Type: |
dei:tradingSymbolItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Securities Act -Number 230 -Section 425
+ Details
Name: |
dei_WrittenCommunications |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_StatementClassOfStockAxis=FFIE_ClassCommonStockParValue0.0001PerShareMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_StatementClassOfStockAxis=FFIE_RedeemableWarrantsExercisableForSharesOfClassCommonStockAtExercisePriceOf11.50PerShareMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
Faraday Future Intellige... (NASDAQ:FFIE)
Historical Stock Chart
From Jun 2024 to Jul 2024
Faraday Future Intellige... (NASDAQ:FFIE)
Historical Stock Chart
From Jul 2023 to Jul 2024