Faraday Future Intelligent Electric Inc., an emerging growth company, has filed Amendment No. 2 to its Annual Report on Form 10-K for the fiscal year ended December 31, 2023. The amendment, filed with the SEC on May 28, 2024, and subsequently amended on May 30, 2024, addresses an administrative error in the executive and director compensation tables. The corrected tables now accurately reflect the fair value of equity awards as of the grant date under applicable accounting rules. The report reveals that the former Global CEO, Xuefeng Chen, received the highest total compensation of $1,854,791 in 2023, including a significant stock award. The company's cost-cutting initiatives in December 2023 included a 30% salary reduction for all named executive officers, except for Chen, whose salary was reduced by approximately 50%. The...Show More

Faraday Future Intelligent Electric Inc., an emerging growth company, has filed Amendment No. 2 to its Annual Report on Form 10-K for the fiscal year ended December 31, 2023. The amendment, filed with the SEC on May 28, 2024, and subsequently amended on May 30, 2024, addresses an administrative error in the executive and director compensation tables. The corrected tables now accurately reflect the fair value of equity awards as of the grant date under applicable accounting rules. The report reveals that the former Global CEO, Xuefeng Chen, received the highest total compensation of $1,854,791 in 2023, including a significant stock award. The company's cost-cutting initiatives in December 2023 included a 30% salary reduction for all named executive officers, except for Chen, whose salary was reduced by approximately 50%. The report also indicates that as of May 17, 2024, Faraday Future had 439,674,662 shares of Class A Common Stock and 266,670 shares of Class B Common Stock issued and outstanding. The company's market value, based on the closing price on the Nasdaq Stock Market as of June 30, 2023, was approximately $297.6 million. The amendment does not include financial statements or modify any other disclosures from the original filing, and should be read in conjunction with the company's other SEC filings.