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

CTOnews.com September 27 news, FF Faraday future yesterday night issued an announcement, announced with the company's major shareholder FF Top (FF global partner) on financing and board restructuring reached a final agreement. The current executive chairman Sue Swenson and the former chairman (current director) Brian Krolicki will take the blame and resign. Jia Yueting and a team of partners regained control of FF.

At noon today, Jia Yueting's certification Weibo issued a response message, saying that "this is another major inflection point for FF" and will "make every effort to sprint the mass production delivery of FF 91 Futurist".

To set things right and get back on track is another major inflection point for FF. I would like to express my heartfelt thanks to all the investors, partners, executives and employees who worked together to save FF. Next, let all futurists join hands with global suppliers to rush the mass production delivery of FF 91 Futurist to create maximum value for shareholders, users, employees, partners and the industry.

CTOnews.com learned that the agreement showed that while FF received up to $100 million in financing from Daguan and ATW Partners investors in the United States, FF Top, a major shareholder of FF, formally reached a package of governance restructuring agreements with FFIE, including restructuring the board of directors.

Comprehensive governance resolution with FF Top:

Faraday Future and largest shareholder reach agreement on governance differences

FF Top will withdraw its lawsuit against the company and its board of directors

Ms. Sue Swenson will resign as executive chairman and chairman of the board of directors after the company receives a net financing of $13.5 million

Ms. Sue Swenson and Mr. Brian Krolicki will resign from the board of directors after the company receives $85 million in incremental financing commitments and $35 million in net financing

Mr. Adam He, a senior executive with rich experience in listed companies, has been appointed as the new independent director.

New financing commitments:

New financing provides up to $100 million in committed funds

Potential additional financing is being actively discussed with US and international investors

Action is being taken to further reduce costs

Recently, the FF 91 Futurist has been officially certified by the U.S. Environmental Protection Agency (EPA) and has a range of 381 miles. At present, all the equipment needed for mass production ("SOP") FF 91 electric vehicles is ready. Faraday plans to complete the testing, verification and certification of FF 91 electric vehicles in the fourth quarter of this year, and begin mass production.

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