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Faraday Future Announces Stockholder Approval of Proposal to Increase the Authorized Shares of Faraday Future Class A Common Stock
Stockholders also voted in favor of the Yorkville share issuance proposal to issue shares in excess of 19.99% of the issued and outstanding shares of the
About this update from Faraday Future Intelligent Electric Inc.
[{"type":"text","content":"\n\nStockholders also voted in favor of the Yorkville share issuance proposal to issue shares in excess of 19.99% of the issued and outstanding shares of the Company’s common stock\n\n\n\nVote comes after successful completion of special meeting of stockholders held on February 28th\n\n\n\nApproved authorized share increase proposal provides sufficient authorized shares for the important milestone of the current round of financing commitments of $135.0 million to support SOP on March 30th, which was recently announced by the Company\n\n\n LOS ANGELES--(BUSINESS WIRE)--\nFaraday Future Intelligent Electric Inc. (NASDAQ: FFIE) (“Faraday Future,” “FF,” or “Company”), a California-based global shared intelligent electric mobility ecosystem company, today announced that FF stockholders approved proposals to increase the authorized shares of Faraday Future Class A common stock to 1.69 billion (the “Authorized Share Increase Proposal”) and to permit the issuance of shares in excess of 19.99% of the issued and outstanding shares of the Company’s Class A and Class B common stock, pursuant to an equity line of credit between the Company and an affiliate of Yorkville Advisors (the “Yorkville Share Issuance Proposal”). The voting process, managed by Broadridge Financial Solutions and carried out over the last month, resulted in the announcement of the voting results today at a special meeting of stockholders held by FF.\n\nThese proposals, now approved by Faraday Future stockholders, will position the Company to successfully start the production and delivery of the FF 91 Futurist and reach its future business objectives. They will also help create more stockholder value and allow for the important milestone of the current round of financing.\n\nFaraday Future stockholders’ approval was a condition to the completion of a portion of the aforementioned funding commitments of $135.0 million, which is a pivotal path for providing support to the Company in achieving its long-term goals. Additional information about the special meeting of stockholders and its results can be found in our definitive proxy statement on Schedule 14A previously filed with the SEC and our current report on Form 8-K to be filed with the SEC. FF plans to hold an earnings call in connection with filing its Annual Report on Form 10-K as well as an annual meeting of stockhol...