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

CTOnews.com October 16, Faraday Future (FF) global CEO Matthias Aydt, FF founder and chief products and ecosystem officer Jia Yueting released an open letter saying that the company is taking six measures to protect the interests of shareholders.

According to the open letter, FF is working to restore market confidence and accelerate the achievement of strategic objectives, including the following actions: 1.FF has formally partnered with shareholder Intelligence Services LLC to launch an investigation into potential illegal short selling. two。 The leaders of the company plan to increase their shareholdings, reflecting their confidence in the development of the company. 3. The company continues to actively contact potential strategic investors. 4. The company is carrying out organizational upgrading to meet the opportunities and challenges for the company to enter a new stage of development. 5. The company is continuing to take steps to reduce operating and supply chain costs to support its strategic objectives, including capacity improvements. 6. The company intends to invite professional media to FF to visit, interview, in-depth experience of products and technology, so that the general public better understand the development of FF and its real value.

"I am actually the most anxious about the serious deviation between the true value of FF and the value of the capital market," Jia Yueting said in the open letter. "I am deeply ashamed of not bringing due value returns to all shareholders and investors, and I most hope to make every effort to maximize the value of FF."

Jia Yueting also said, "Nine years ago, I traveled thousands of miles across the ocean to Los Angeles, California, and founded FF,ALL IN. You can imagine how difficult it is for Chinese to start a business in the United States, especially in the AI tram industry, which is known as the jewel of the crown. I have experienced all the worst things you can imagine and can't imagine. The company and I have experienced and overcome too many difficulties and life-and-death challenges over the years, and our setbacks and successes are there for all to see. " Jia Yueting revealed his heart in the open letter: "Thank you for those who care about FF and never give up their support. In fact, many people have sent me private messages through various channels. I have been reading them, reflecting on and torturing myself, and absorbing and listening to good suggestions and putting them into practice. Many entrepreneurs say that my entrepreneurial experience has always inspired them to never give up and persevere. In fact, I would like to say that a lot of words of encouragement you have sent to me are also silently infecting me and motivating me, so that FF and I are duty-bound to strive for the maximum value of all shareholders and stakeholders. "

On September 27, Faraday Future officially released a letter from Matthias Aydt, FF's global chief executive, to all shareholders. Over the past nine years, the company has invested about $3 billion (21.9 billion yuan) to enable it to deliver its flagship model, the FF 91, the letter said. It is worth noting, however, that FF delivered only three FF 91 2.0 Futurist Alliance in the third quarter of this year, according to data released by FF.

CTOnews.com attached full text of the open letter:

Hello, all shareholders and investors of FFIE.

Since August, as FF has entered the stage of delivery revenue, the company has formed a complete closed loop from user acquisition to delivery to user operation. More and more American industry leaders and pinnacle celebrities such as Chris Brown, Derek Bell and Jason Oppenheim have become co-founders of FF owners and developers. The operating fundamentals of FF have changed fundamentally, and the new management team is the strongest team in the history of FF. In addition to being restricted by the financial situation, the company is in the best stage of development since its inception, which is a critical period for business take-off.

Resolutely defend the interests of shareholders although the company has successfully reached one major milestone after another, providing a solid foundation for business development, the stock price and market value have encountered the darkest moments. we are extremely saddened and disappointed that the company's market capitalization has fallen to less than 1% of the total cash investment of more than $3 billion. I believe that all shareholders who love the company, including public investors, are also extremely distressed and disappointed.

The company is developing a series of measures to identify and combat potential abuse and illegal short selling. On the other hand, we are making every effort to introduce institutional investors and strategic investors, solve the capital problem as soon as possible, vigorously promote production climbing, and at the same time spare no effort to improve the company's supply chain management and overall cost control capability. and a series of efforts to enhance the value of the company.

Six major measures to safeguard the interests of shareholders the following are a series of actions we have taken to safeguard the interests of shareholders to restore market confidence as quickly as possible and accelerate the achievement of strategic objectives:

1. FF has officially signed Shareholder Intelligence Services LLC, a leading service provider of listed companies, to obtain, summarize, track and analyze shareholder trading information and to investigate potential illegal short selling. We will consider all available recovery measures, including litigation.

two。 The increase of holdings in the core layer of the company shows firm confidence in the development of the company.

3. The company continues to make every effort to actively introduce potential strategic investors.

4. FF is undergoing organizational upgrading to meet the opportunities and challenges for the company to enter a new stage of development.

5. The company is continuing to reduce operating and supply chain costs to achieve all strategic goals, including rapid capacity growth.

6. The company will invite a large number of professional media to visit FF to experience products and technology in depth, so that outsiders and investors can better understand the development status and true value of FF.

In the nine months since partner companies nominated a majority of the board of directors at the end of 2022, FF has made 30 progress.

Today's FF has undergone a qualitative change compared with the FF before August this year. The company has solved the two most risky and uncertain problems since its inception, and achieved the two most important milestones: (1) completed all compliance certifications prior to the delivery of new cars in the United States; (2) built a complete spare parts supply system for delivery and began to deliver the car to users. We believe that FF has entered the best stage of development (constrained by the availability of funds).

The following is a review of these 30 major promotions:

End of 2022

Governance layer: the board of directors will be replaced by a top governance layer with the goal of legal compliance and best due diligence.

Strategy: comprehensively focus on the company's core strategy as the pioneer of the pinnacle market of "extremely smart technology".

Business: a comprehensive end-to-end review of the FF 91 2.0 Futurist Alliance delivery system.

January 2023

Sino-US dual Genome dual Home: announced the signing of a non-binding cooperation framework agreement with the Huanggang government of China to promote the company's dual home strategy.

February 2023

Capital and finance: obtain a financing commitment of $135 million.

March 2023

Production: FF ieFactory California implements SOP.

April 2023

Production: the first mass production car of FF 91 2.0 Futurist Alliance is offline.

May 2023

Technology & products: make a new breakthrough in the field of emerging GPT AI technology, release the world's first vehicle-generated artificial intelligence products and technologies.

The official launch is based on the new four trends of industrial transformation of "All-AI, All-Hyper, All-Ability, and Co-Creation", and successfully creates the transformative "FF aiHyper 6x4 architecture 2.0" technology architecture of the "All-Ability aiHypercar", FF 91 2.0 Futurist Alliance, which combines the core features of Hyper performance, security and comfort.

Capital: signing the final agreement on unsecured convertible bonds with $100 million financing (the capital injection is subject to certain delivery conditions, and about $3000 has been received, waiving the delivery conditions, demonstrating investors' confidence and support for the company), Faraday Future announced a $100 million financing with senior partners as cornerstone investors.

June 2023

User ecology: the first three car owners and developers participated in the "FF track Co-creation Day"

Products and technology: FF 91 2.0 Futurist Alliance debuted at Willow Springs and broke the fastest lap record for an electric vehicle of 6000 pounds or more in 1 minute and 35 seconds.

Capital: financing of $105 million, including advance payments for new commitments of $90 million and old commitments of $15 million; some of the $105 million has been accounted for and some of the rest are subject to certain delivery conditions.

July 2023

Delivery compliance: completed the US crash test and all safety-related regulatory certification requirements.

Complete all new car sales and delivery compliance work in the United States.

Complete the internal approval to start the second phase of co-creation delivery.

The company has formed a closed-loop operation and entered a new stage of development.

August 2023

Supply chain: complete the supply of all spare parts for the first delivery.

User ecology: complete the construction of transformative user acquisition user operation 1.0 system.

Deliver FF 91 2.0 Futurist Alliance to the first top user and developer co-founder in FF history.

Top champions such as Derek Bell and Justin Bell, the 5th Le Mans champions, become developer co-creators and next car owners.

The first "FF developer Co-creation Festival" was held at the Pebble Beach luxury car show.

Capital: additional funding of $16.5 million was obtained through unsecured notes to support the second phase of delivery and sales and service preparation of the company's FF 91 2.0 Futurist Alliance; to implement reverse stock splits and submit registration statements to open up the company's financing channels to support the mass production climbing of FF 91 2.0 Futurist Alliance and the development of the sales and service network.

Management: the strongest management in the 9 years since the establishment of the company.

September 2023

User ecology: FF delivers new cars to spire users, including American real estate agent tycoon Jason Oppenheim.

Product: FF 91 2.0 Futurist Alliance set a new lap speed record for SUV and crossover cars at Button Willow track.

Technology: hold "FF 919 developer AI Co-creation Festival" to promote the progress of FF aiRacing technology

Capital: FF regains NASDAQ compliance.

Launch the core management stock purchase program.

October 2023

User Ecology: the new car will be delivered to four new pinnacle users and developers, including global music star Chris Brown.

We firmly believe that, in addition to capital, FF has basically all the basis for the explosion of value. We have beaten the darkest hour many times, and FF has achieved 30 achievements so far. With unique genes and the support of all shareholders, we firmly believe that amazing energy is about to break out.

However, what makes us feel very frustrated and sad is that FF, as the only pioneer and leader in the pinnacle market of "extremely smart technology", has created and delivered the world's most transformative "All-Ability aiHypercar", and has made so much significant progress mentioned above, but the stock price, market capitalization and the true value of the company show a complete deviation. This is unacceptable to all FF-loving shareholders, and I have received a lot of requests for the company to respond. I have personally received unfair accusations and even threats, but in spite of this, we are still committed to making FF a great company.

I am actually the most anxious about the serious deviation between the true value of FF and the value of the capital market. I am deeply ashamed that I have not brought the due value return to all shareholders and investors, and I most hope to maximize the value of FF.

Nine years ago, I traveled thousands of miles across the ocean to Los Angeles, California and founded FF,ALL IN. You can imagine how difficult it is for Chinese to start a business in the United States, especially in the AI tram industry, which is known as the jewel of the crown. I have experienced all the worst things you can imagine and can't imagine. The company and I have experienced and overcome too many difficulties and life-and-death challenges over the years, and our setbacks and successes are there for all to see. Thanks to those who care about FF and support me. In fact, many people send me private messages through various channels. I read them, reflect on and torture myself, absorb and listen to good suggestions and put them into practice. Many entrepreneurs say that my entrepreneurial experience has always inspired them to never give up and persevere. In fact, I would like to say that many words of encouragement you have sent to me are also silently infecting me and inspiring me, so that FF and I are duty-bound to strive for the maximum value of all shareholders and stakeholders.

Thanks again for having you all the way.

Jia Yueting

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