Faraday Future Expects Ability to Finance Future Growth with Reverse Stock Split and the Registration Statements on Form S-3
August 28 2023 - 8:53PM
Business Wire
- The Company plans to deliver an FF 91 2.0 Futurist Alliance to
its owner and FF’s Developer Co-Creation Officer, well-known real
estate agent and Emmy Award nominee Jason Oppenheim in September,
around the same time as the premier of Selling the OC, Season 2, in
which Jason is featured in.
Faraday Future Intelligent Electric Inc. (NASDAQ: FFIE)
(“Faraday Future”, “FF” or “Company”), a California-based global
shared intelligent electric mobility ecosystem company, today
announced it expects to finance future growth with its previously
announced reverse stock split and the filing of Registration
Statements on Form S-3. Once effective, the Registration
Statements, together with the reverse stock split, are expected to
help the Company satisfy certain closing conditions for previously
announced financing commitments and secure new rounds of financing.
These actions mark a significant step in a comprehensive plan to
attract additional investors which will support the continued
production ramp of the Ultimate AI TechLuxury FF 91 2.0 Futurist
Alliance along with the expansion of its sales and service
network.
On Friday, August 25th, the Company announced a reverse stock
split of the issued and outstanding shares of the Company’s common
stock, at a ratio of 1-for-80. Commencing at the open of market
today, the Company’s common stock began trading on a split-adjusted
basis. The authorized shares of Company’s common stock were also
reduced from 1,765,000,000 to 154,437,500 shares following the
reverse stock split.
The Company believes that the reverse stock split together with
the Registration Statements, when effective, will provide investors
with long-term value. The Company believes that this development
will also significantly increase our attractiveness to
institutional and strategic investors. The Company recently
announced the Developer Co-Creation festival with the first FF 91
2.0 Futurist Alliance delivery and signed the second group of
Developer Co-Creation Officers at Pebble Beach, California, during
Monterey Car week.
The Company plans to deliver the FF 91 2.0 Futurist Alliance to
its owner and FF’s Developer Co-Creation Officer Jason Oppenheim
soon. As previously disclosed, Mr. Oppenheim is the Owner of the
Oppenheim Group, a well-known luxury real estate agency. He has
been the featured star for a combined six seasons of the Netflix
series, Selling Sunset and Selling the OC.
Selling the OC, Season 2 is set to premiere in early September
2023. The trailer of Selling the OC Season 2 can be found
here:
https://youtu.be/iHihGCrreTU?si=niRhWwkLZlnqEcRX
Users can preorder an FF 91 vehicle via the FF Intelligent App
or through our website (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/
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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 ability to obtain and
maintain effective registration 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 remain in compliance with its public filing
requirements under the Securities Exchange Act of 1934, as amended,
the Company’s ability to regain compliance with, and thereafter
continue to comply with, the Nasdaq listing requirements; 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
market performance generally of the Company’s common stock; the
Company’s ability to satisfy the conditions precedent and close on
the various financings described in this press release and
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/20230828191980/en/
Investors (English): ir@faradayfuture.com Investors (Chinese):
cn-ir@faradayfuture.com Media: john.schilling@ff.com
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