Recently, Faraday Future Intelligent Electric Inc. (NASDAQ: FFIE) officially announced that it has signed an amended and restated shareholder agreement with FF Top LLC (“FF Top”), a wholly-owned subsidiary of FF Global Partners LLC (“FFGP”). In addition, the company has also reached a non-binding cooperation framework agreement with the “City of Huanggang” in China, to promote the company’s strategy of China and the United States.
The newly signed shareholder agreement consolidates FF Top’s position as an important shareholder. Subject to shareholder approval, FF Top will have super voting rights of 1:10. In addition, subject to shareholder approval, FF Top will have a 1:20 super voting right when FF’s market value reaches US$3 billion. Subject to the terms and conditions set out in the shareholder agreement, FF Top will also have the right to nominate four FF Top designees out of seven board seats, which will provide FF Fop with control over FF’s board of directors and approval for certain financings. FF Top has informed the company that some of the proposals in the shareholder agreement are expected to be submitted to shareholders for approval.
According to the framework agreement signed between the company and Huanggang City （in China）, FF plans to relocate its future FF China headquarters to Huanggang City, which will further support the promotion of the strategic implementation of the China-U.S. double home court and the China-U.S. double gene.
According to the framework agreement signed by the two parties, it is expected that the Huanggang Municipal Government will assist FF in the industrial layout in Huanggang City, allocate relevant resources, and provide FF’s entrepreneurial projects in Huanggang City, including but not limited to financial and policy support. Faraday Future intends to relocate its FF China headquarters to Huanggang City while retaining its global headquarters in Los Angeles, California. FF China Headquarters is expected to be jointly funded and constructed by Huanggang Municipal Government Guidance Fund, related industry funds and FF. The framework agreement has been signed in the third quarter of 2022.
FF expects to start mass production of the salable FF 91 Futurist electric vehicle by the end of March 2023, which is expected to roll off the production line in early April and be delivered before the end of April. FF has reached its sixth manufacturing milestone with the completion of construction and equipment installation in the vehicle assembly area. This marks the completion of six of the seven milestones set by FF in late 2021 (the seventh milestone being the SOP). This also represents FF’s achievements in mass production of FF 91 Futurist. In addition, FF 91 Futurist also completed the core advanced system of the vehicle and I.A.I system FF 91 Futurist, namely Intelligent.Autonomous.Internet) and major upgrades of core components.
