Business
Faraday Future Hosts Successful Meetings with Vendor Trust Suppliers Ahead of the Scheduled Closing of its Merger with Property Solutions Acquisition Corp. (PSAC)
Critical suppliers that make up the Faraday Vendor Trust program will be vital in their support of FF 91 delivery and will become shareholders of the merged
About this update from Faraday Future Intelligent Electric Inc.
[{"type":"text","content":"\n\nCritical suppliers that make up the Faraday Vendor Trust program will be vital in their support of FF 91 delivery and will become shareholders of the merged Company at the closing of the proposed merger\n\n\nSuppliers are extremely excited for the anticipated FF-PSAC business combination and are eager to continue their support of the FF 91 program\n\n\nFF and PSAC remind PSAC stockholders who held shares as of the June 21, 2021 record date to vote their shares in favor of their proposed business combination, which will result in FF becoming a publicly listed company trading on the Nasdaq under the ticker symbol “FFIE” after the closing\n\n\n LOS ANGELES--(BUSINESS WIRE)--\nFaraday Future (“FF” or the “Company”), a California-based global shared intelligent mobility ecosystem company, successfully held supplier town hall meetings to update its valued suppliers who participate in the Faraday Vendor Trust program. The recent meetings, led by Benedikt Hartmann, Senior Vice President of Global Supply Chain at FF, gave an update to approximately 160 suppliers on June 30th and July 6th on the status of various Company topics including the FF 91 program timing. Jerry Wang, Vice President of Capital Markets, shared details of the upcoming business combination of FF and PSAC that is anticipated to close on July 21, 2021.\n\nThe FF Vendor Trust program provides enhanced collateral and repayment protections for its key suppliers in exchange for the suppliers’ commitment to support the production launch of the FF 91. At the closing of the business combination of FF and PSAC, the majority of the secured vendor trust program will convert to equity of FFIE and these critical suppliers will become stockholders of FFIE, thereby supporting its long-term success.\n\n“The Faraday Vendor Trust is excited about Faraday Future’s recent progress towards becoming a public company,” said Jeremy Rosenthal, on behalf of the trustee of the Faraday Vendor Trust. “This milestone will allow Faraday Future to begin producing its innovative products and technologies and continue working with its world-class suppliers to create the vehicle of tomorrow.”\n\nFF recognizes that the continued support of its suppliers, employees, and investors is critical to the Company’s mission. Over the past year, FF has achieved continued milestones with the support and partner...