Faraday Future Provides Business Update
- Company Delays SEC Filings Pending Board-Initiated Review of Certain Allegations Regarding Inaccurate Disclosures
Business and Operations Remain on Track for
July 2022Launch of FF 91; Company Provides Third-Quarter Business Highlights
The Company’s Board of Directors formed a special committee of independent directors to review allegations of inaccurate disclosures, including claims made in a report issued by an investor with a history of seeking to drive down public companies’ stock prices for its own benefit. Faraday Future seeks to do business in the most ethical and transparent way. As a new public company, the Board, as part of its review, is seeking to ensure that the Company is adhering to the highest standards of conduct.
The special committee’s review is ongoing, and it is working diligently with independent counsel and advisors to complete its review as soon as possible. The Company is committed to working with the special committee to complete its work in order to re-establish timely financial reporting as soon as feasible. Until the review is complete, the Company is not able to file its Form 10-Q or Form S-1/A.
Faraday Future remains on track to deliver the first FF 91s to users in
Faraday Future today posted a video to the investor relations section of its website that details its progress: FF Hanford production facility is on track.
Faraday Future has made significant product upgrades to both the I.A.I. (Internet, autonomous driving, and intelligent) technology and the electric vehicle platform. Key changes include upgrades in major subsystems such as the e-Motor, powertrain, ADAS, LiDAR, cameras, and displays. These improvements further enhance the FF 91’s quality, exceptional product power, and industry re-defining user experience.
Faraday Future further solidified an already strong management team with a number of key hires.
Faraday Future announced key component supply agreements with Tier 1 suppliers.
Finally, Faraday Future recently announced that its first flagship store will be located in
Download the new FF intelligent APP at: https://apps.apple.com/us/app/id1454187098 or https://play.google.com/store/apps/details?id=com.faradayfuture.online
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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 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 Faraday Future’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 the outcome of the special committee review; Faraday Future’s ability to execute on its plans to develop and market its vehicles and the timing of these development programs; Faraday Future’s estimates of the size of the markets for its vehicles and costs to bring its vehicles to market; the rate and degree of market acceptance of Faraday Future’s vehicles; the success of other competing manufacturers; the performance and security of Faraday Future’s vehicles; potential litigation involving Faraday Future; the result of future financing efforts and general economic and market conditions impacting demand for Faraday Future’s products. 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 preliminary registration statement on Form S-1 recently filed by Faraday Future and other documents filed by Faraday Future from time to time with the
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