On June 21, 2024, Faraday Future Intelligent Electric Inc. (FFIE), a California-based electric vehicle company, entered into a significant agreement with its Global Chief Executive Officer, Matthias Aydt. The agreement involved the sale of one share of newly designated Series A Preferred Stock at a price of $100.00. This transaction was completed on the same day. The Series A Preferred Stock comes with substantial voting rights, totaling 16 billion votes, but is limited to voting on specific shareholder proposals. These proposals include an amendment to increase the number of authorized common stock and a reverse stock split. The issuance of the Series A Preferred Stock alters the voting dynamics for these proposals, as it will vote in the same proportion as the common...Show More

On June 21, 2024, Faraday Future Intelligent Electric Inc. (FFIE), a California-based electric vehicle company, entered into a significant agreement with its Global Chief Executive Officer, Matthias Aydt. The agreement involved the sale of one share of newly designated Series A Preferred Stock at a price of $100.00. This transaction was completed on the same day. The Series A Preferred Stock comes with substantial voting rights, totaling 16 billion votes, but is limited to voting on specific shareholder proposals. These proposals include an amendment to increase the number of authorized common stock and a reverse stock split. The issuance of the Series A Preferred Stock alters the voting dynamics for these proposals, as it will vote in the same proportion as the common stock votes cast, excluding abstentions and non-votes. Additionally, Faraday Future announced the appointment of Macias Gini & O'Connell LLP (MGO) as its new independent registered public accounting firm, effective June 21, 2024, following the resignation of Mazars USA LLP on May 31, 2024. The appointment of MGO will be subject to stockholder ratification at the next annual meeting.