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Faraday Future Plans to Host a Special Meeting of Stockholders on March 30th, 2023, Announces Plans for Additional $50 Million Offering to Existing Shareholders
Affirmative vote required on March 30, 2023 special meeting of stockholders in order for the Company to receive remaining funds as contemplated in the $135
About this update from Faraday Future Intelligent Electric Inc.
[{"type":"text","content":"\n\nAffirmative vote required on March 30, 2023 special meeting of stockholders in order for the Company to receive remaining funds as contemplated in the $135 million fundraising announced on February 5, 2023; initial funding amounts have been received by the Company as planned\n\n\nCompany has already received non-binding indications of interest for nearly full amount of additional $50 million fundraising to support scaling FF 91 Futurist production, and the Company is providing its stockholders the opportunity to invest\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 it will hold a special meeting of stockholders on Thursday, March 30th, 2023. The Company recommends that all FF stockholders as of February 3, 2023 submit proxies in favor of the proposals. The Company also announced plans for an additional $50 million raise from institutional investors and potential additional raise from its stockholders to further strengthen the Company’s balance sheet and fund the production ramp-up.\n\nThe special stockholder meeting on March 30th will be held to consider the following two topics:\n\n\nThe Company needs approval from its stockholders for certain transactions involving the Tranche C and D notes and warrants issued or to be issued to FF Simplicity Ventures LLC, Senyun International Limited, Acuitas Capital, LLC, and/or their affiliates. This approval is required by the Nasdaq Stock Market rules and regulations for the Company to issue shares that exceed 19.99% of the total number of outstanding shares of Common Stock in relation to those notes and warrants.\n\n\n\n\nThe Company is seeking stockholder ratification of the selection of Mazars as the independent registered public accounting firm of the Company for the year ended December 31, 2022.\n\n\nThe Company has received initial funding from investors as planned based on investment agreement. Stockholder approval of the first proposal above is a condition to complete the remaining portion of the recently announced financing commitments of $135.0 million in convertible secured notes. These funds will provide a pivotal path for providing support to the Company in achieving its upcoming Start o...