Retate control with partners!After a lapse of 4 months, Jia Yueting Weibo voiced again: Dialing the chaos anyway

After going through bankruptcy and reorganization, listing and financing, the outside world thought that Jia Yueting would lead FF to unite and build a car, and there was a dispute in the listed company, and some management and major shareholders had serious differences. After a wave of twists and turns, the FF board of directors finally completed the reorganization, and Jia Yueting and the partner team re -won the control of FF.

On September 26th, Eastern Time, Faraday Future "FF") issued an announcement saying that it reached an agreement with the largest shareholder FF TOP (Global Partner Company). The lawsuit and announced that the total amount of new financing commitments was as high as US $ 100 million. At the same time, two important directors were kicked out, the founder Jia Yueting and his team reorganized the board of directors.

Jia Yueting. Picture source: Visual China

On the 27th, after half a year,@2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 is another major inflection point. I sincerely thank all investors, partners, company executives and employees of all FF. Next, let all futurists work with global suppliers to sprint FF 91 FUTURIST's mass production delivery to create the greatest value for shareholders, users, employees, partners and the industry. "

Affected by this news, Wind data showed that FF once increased by 40%during the day. As of the close of the day, it was reported at $ 0.84/share, an increase of 9.57%, and the total market value was only 276 million US dollars. Since this year, FF's stock price has fallen 84.21%.

Two directors were kicked out

The agreement shows that FF and FF TOP officially reached a package of adjustment agreement, including the reorganization board of directors, and FF TOP agreed to immediately withdraw a lawsuit against the board of directors and adjust the size of the board members and the board of directors.

It is worth noting that the agreement also includes the restoration of the original FF transformation committee, which is composed of team members such as Jia Yueting, chief financial officer and general legal adviser. This shows that Jia Yueting and his team have obtained the control of the board of directors. In addition, Sue Swenson, the current executive chairman, and former chairman (current director) Brian Krolicki will resign. According to the announcement of the announcement, after Sue Swenson and Brian Krolicki resigned, the FF board of directors will also carry out significant reorganization after the annual shareholders' meeting, and the original nine directors will become seven.

For more than a year before the listing, Faraday has been trapped in a chaotic quagmire in the board of directors. The management and major shareholders have serious differences.

On September 22, the FF official website showed that the company continued to seek financing plans for FF 91. "Unfortunately, the efforts of raising funds are affected by the wrong information at all, that is, some directors are conspiracy to push the company for personal interests, and they are conspiracy to push the company to push the company Unnecessary bankruptcy '. FF said that an independent law firm hired by the company conducted an independent external investigation of these allegations and found that related false allegations were basically notseri.

The major shareholder FF TOP sued FF last week and asked them to dismiss two members of the board of directors. Litigation documents pointed out that the current board of directors forced the company into a desperate situation and hopes to dismiss the executive chairman Susan Swenson and Brian Krolicki. Investors claim that the board of directors of "severe division has forced the company into despair" and said that Susan Swenson and Brian Krolicki are trying to "push the company into unnecessary bankruptcy."

Last month, FF employees also issued a public petition letter saying that FF lived a line and demanded dismissal relevant responsible persons to pull FF out of the quagmire. The petition letter mentioned that 8 years were established, FF landed on Nasdaq on July 22, 2021, and raised nearly $ 1 billion. The market value evaporated nearly 95%, and the employee's stock became worthless, and all investors lost heavy losses.

Employees believe that the FF board of directors can not escape the blame. Since last year's IPO, four directors including Susan Swenson and Brian Krolicki launched internal investigations and set up special committees. Through investigation and rectification, Susan Swenson became the chairman of the executive and grasped the company's highest decision -making power. People also take office in core positions, but they have no industry experience, which is the main cause of FF's predicament today.

The petition requested the board of directors to stop maliciously pushing the company's bankruptcy and maliciously to prevent normal financing, and immediately convened an annual shareholders' meeting to replace incompetent directors.

The announcement on September 26 also showed that Mr. Adam He, the newly appointed independent director, is the chief financial officer of Wanda America Investment Group. Former an auditors of Anyong Accounting Firm, registered accountant in China and New York, have a bachelor's degree in taxation, master's degree in Taxation, master's degree in Beijing Central University of Finance and Economics, and a master's degree in accounting from the University of Seton Hall University in New Jersey.

Sidley Austin LLP 担任Faraday Future 的法律顾问，Blank Rome LLP 和Kelley Drye & Warren LLP 担任可转换票据融资代理的法律顾问，Olshan Frome Wolosky LLP 担任Senyun International Ltd.的法律顾问，Davis Polk & Wardwell LLP担任公司董事会Legal consultant. CADWALALADER, WICKERSHAM & TAFT LLP is a legal consultant to FF TOP, and Baker McKenzie is a legal adviser to Season Smart Limited. Image source: @Faradayfuture

Get over 100 million US dollars financing

According to the Securities Times, in the process of making a car in Jia Yueting, the scarce is funds, but how many people dare to invest in FF? According to the FF announcement, with the recommendation and full support of the team of Jia Yueting and the FF partner, FF will receive more than $ 100 million in financing from Daguan and ATW.

There is no doubt that this series of key financing not only provides sufficient funding for FF 91 FUTURIST's mass production delivery, but also shows that FF founder Jia Yueting once again received the trust and support of the international capital market.

According to public information and media reports, investment institutions from the United States and Asia have given strong willingness to invest in the future value of FF, but the investor group is very worried about the chaos of the current board of directors, which has led to the uncertain future development of FF in the future. Sex, this is also the core reason for FF financing in the past three months.

The above -mentioned people close to FF believe that this time, Jia Yueting and FF Global Partner Team successfully reorganized the FF board of directors and successfully raised over 100 million US dollars. And get recognized by the global capital market again.

At present, FF 91 FUTURIST ’s mass production delivery is still continuously promoted. FF IEFACTORY CALIFORNIA's factory equipment in Hanford, California, USA has all been in place, and is undergoing intense tests; FF 91 FUTURIST's 381 miles of the 381 miles also officially obtained the US EPA Official certification has become the world's longest -range luxury electric model under the EPA standard, which also means that the most important legal certification before mass production of FF 91 FUTURIST has ended. According to media reports, FF's Chinese landing project has also made breakthrough progress, or it will announce a recent announcement of a city in the south.

How much "burning money" by "car building"? At a glance, Faraday's future financial report will be known. On August 15, local time, Faraday disclosed the second quarter financial report in the future. The net loss increased to $ 142 million and a cumulative loss of US $ 3.2 billion. As of August 9, 2022, the cash balance was only $ 52.2 million. At the same time, the company announced that it has received new financing of $ 52 million, and it is expected that the FF 91 will be launched by $ 368 million by the end of 2022.

The financial report shows that FF operating losses in the second quarter were US $ 137 million, with $ 28 million in the same period last year. The net loss increased to US $ 142 million, and the net loss of $ 53 million in the same period last year was further expanded for losses. The company said that it was mainly due to the increase in losses in the same period. It is worth mentioning that in the second quarter, FF operating losses and net losses were narrowed compared to the first quarter, but it was still expanding year -on -year.

As of the end of the second quarter, FF total assets were US $ 588 million, including $ 121 million in cash. At the end of the first quarter, cash was still $ 276 million. The company said that the decrease in cash in the second quarter was mainly due to the payment of the supplier, the investment and research and development of the FF continued investment and research and development. In addition, as of the end of the second quarter, FF total liabilities were US $ 287 million, and as of December 31, 2021, total liabilities were US $ 340 million.

FF said that recently, due to concerns about the company's financial status, some suppliers demanded to accelerate payment, resulting in the payment conditions lower than the company's expectations and postponing or endangering certain delivery. The announcement shows that since its establishment, the company has produced a cumulative loss of business and has a negative cash flow. As of June 30, 2022, the company's cumulative deficit was US $ 3.2 billion. The foreseeable future will continue to cause major operating losses, and the cost will continue to incur the cost before generating substantial income.

Daily Economic News Comprehensive Securities Times,@Jia Yueting,@Faradayfuture

Daily Economic News

- END -