Shulou(Shulou.com)11/24 Report--

According to the news on the evening of September 26, Beijing time, Faraday announced today that it has signed a "Program of Agreement" (Heads of Agreement) with its major shareholder FF Top, clarifying how to resolve its corporate governance disputes with its major shareholder FF Top, and implement a new financing agreement of up to 100 million US dollars. Faraday also said in the future that it will continue to actively engage with the capital side in the future to finance the production and delivery of FF 91.

The agreement platform is designed to address a range of corporate governance concerns raised by FF Top, and FF Top agreed to immediately withdraw the lawsuit against Faraday's future board of directors. According to the terms of the agreement, Faraday will increase the number of board of directors from 9 to 10 from September 23, 2022, and appoint Adam He to fill the vacancy caused by the increase in the number of directors until the general meeting of shareholders in 2022.

In addition, Faraday will also appoint Adam He as a member of the board's audit committee and nominating and corporate governance committee in the future. Adam He will not be dismissed from any committee until the 2022 shareholders' meeting. At the same time, Jordan Vogel, the future chief independent director of Faraday, resigned from the nomination of the board and as a member of the corporate governance committee and agreed not to seek or accept reappointment thereafter.

In addition, Faraday Future, FF Global and FF Top agreed to cooperate promptly by September 30 to draft, negotiate, implement and deliver the final document in good faith, including amendments to the shareholder agreement.

Carsten Breitfeld, future global CEO of Faraday, said: "resolving corporate governance and related issues with our largest shareholders is a major achievement for Faraday's future and all our stakeholders, and an important step forward for the company. We can now focus on building FF 91, and we would like to thank all parties for their efforts to reach this agreement."

A spokesman for FF Top said: "FF Top is pleased to have reached this agreement. We hope that this will be a new starting point for Faraday's future and lay the foundation for a better future. At the same time, we also expect all parties to fulfill their obligations under the governance agreement to achieve the best interests of Faraday's future and all shareholders."

At the same time, Faraday also announced the implementation of two final agreements in the future, involving new financing commitments of up to $100 million. Under the first financing agreement, Faraday will receive up to $40 million in future in the form of convertible secured bonds and warrants exercise payments (warrant exercise payments). Under the second financing agreement, Faraday will receive up to $60 million from Senyun International in the form of convertible covered bonds in the future.

In addition, Faraday is in contact with potential investors in the future to obtain additional capital to ensure that the company will operate by the end of 2022 or more.

Faraday has also recently cut costs in the future, including layoffs and delays in payments, as part of its ongoing efforts to save cash and reduce expenses. Depending on the company's financial and market conditions, further measures may be taken in the future, including further layoffs.

Earlier this month, Faraday was sued by FF Top Holding, a major shareholder, and demanded that two board members be fired. FF Top Holdings holds more than 20 per cent of Faraday in the future and about 36 per cent of voting rights.

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