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

CTOnews.com October 7 news, September 26, Faraday Future (Chinese name "Faraday Future, hereinafter referred to as"FF") issued an announcement announcing a final agreement with FF Top (FF Global Partner Company), a major shareholder of the company, on financing and board restructuring.

According to the agreement, FF Top (Global Partner Company) and FFIE formally reached a package governance structure adjustment agreement including restructuring the board of directors. Sue Swenson, current executive chairman, Brian Krolicki, former chairman, will resign, and Jia Yueting and the partner team will regain control of FF Company.

On October 7, FF announced that Sue Swenson, executive chairman and director of the company, Scott Vogel and Jordan Vogel, directors of the company, had officially resigned as directors and all other relevant positions of the company, and Adam He was appointed interim chairman.

This means that with the successful reorganization of FF's board of directors, the partner team and company founder Jia Yueting regained control of FF. FF expects that the board of directors seated after the 2022 AGM will elect a permanent board chairman.

In response, FF Top, a major shareholder of FF, issued a statement on the resignation of the above three directors. FF Top will continue to work with FF to fully implement the governance agreement reached between the two parties on September 23,2022. It is believed that the Board of Directors will complete a smooth transition under the leadership of the new interim Chairman Adam He. FF shares rose 12% in early trading Thursday and nearly 10% by the close of trading as soon as the resignation was announced.

CTOnews.com learned that Jia Yueting co-founded Faraday Future in the United States in 2014 with former Tesla executive Nick Sampson and Lotus China executive Nie Tianxin, headquartered in Gardena, California, and listed on U.S. stocks on July 22,2021.

In 2020, Jia Yueting carried out a very beautiful operation, that is, debt restructuring, with his own FF company equity and income as trust property.

Then he repaid all his debts with FF shares, thus turning these creditors into FF shareholders and paying off their debts with his FF shares. From then on, he no longer owed debts and was not FF shareholders. However, FF's share price plummeted all the way after listing, and now it is only 0.71 US dollars (minimum 0.65 US dollars, issue price 13.78 US dollars).

Extended reading:

Take control again! Jia Yueting and Partners Reorganize Faraday's Future Board of Directors, and the Current Chairman Will Resign

Faraday Future Executive Chairman Resigns, Allegedly Threatened with Death

Jia Yueting and Xu Jiayin teamed up again? Evergrande holds Faraday accountable for the future and urges FF to hold an extraordinary shareholders 'meeting

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