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Faraday Future Announces Strategic Agreement with the City of Huanggang in Hubei Province, China and Signs New Shareholder Agreement with FF Global Partners LLC
LOS ANGELES--(BUSINESS WIRE)-- Faraday Future Intelligent Electric Inc. (NASDAQ: FFIE) ("FF”, “Faraday Future”, or “the Company”), a California-based global
About this update from Faraday Future Intelligent Electric Inc.
[{"type":"text","content":" LOS ANGELES--(BUSINESS WIRE)--\nFaraday Future Intelligent Electric Inc. (NASDAQ: FFIE) (\"FF”, “Faraday Future”, or “the Company”), a California-based global shared intelligent electric mobility ecosystem company, today announced that the company has signed an Amended and Restated Shareholder Agreement (the “Shareholder Agreement”) with FF Top LLC (“FF Top”), the wholly owned subsidiary of FF Global Partners LLC (“FFGP”). The Company and the China Huanggang Government (“City of Huanggang”) have also reached the non-binding Cooperation Framework Agreement for promoting its US-China dual-home market strategy.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230117006154/en/Faraday Future Announces Strategic Agreement with the City of Huanggang in Hubei Province, China and Signs New Shareholder Agreement with FF Global Partners LLC. Left: Yaling Wang, Deputy Mayor of Huanggang City. Right: Jason Song, Vice president of FF China. (Photo: Business Wire)\nThe newly signed Shareholder Agreement solidifies FF Top as an important shareholder with 1:10 super voting rights, subject to shareholder approval, and 1:20 super voting rights when FF’s market cap reaches $3 billion, also subject to shareholder approval. FF Top will also have the right to nominate four FF Top designees among seven board seats on the terms and conditions set forth in the Shareholder Agreement, which would provide FF Fop with control of the FF board of directors together with certain financing approval rights. The appointment or nomination for election to the FF Board of any FF Top designee shall be subject to the prior reasonable verification and/or reasonable approval of the Nominating and Corporate Governance Committee of the FF Board subject to certain criteria (and no other verifications or approvals). FF Top has informed the Company that the additional proposals in the Shareholder Agreement are expected to be submitted to shareholders for approval.\n\nAccording to the Framework Agreement with the City of Huanggang, FF intends to relocate its future FF China Headquarters there which will support its US-China dual home market and US-China Dual DNA strategy.\n\nIn accordance with the Framework Agreement, and in furthering complementary advantages, mutual benefit, and common development, both parties ar...