Faraday Future Reports Key Outcomes from Annual General Meeting, Reinforcing Strategic Path Toward FX Production Launch by End of 2025
Faraday Future Intelligent Electric Inc. (NASDAQ: FFAI), a California-based global innovator in shared intelligent electric mobility ecosystems, today revealed the results from its recently held Annual General Meeting of Stockholders (the “Annual Meeting”). During the meeting, the Company secured broad approval on several critical proposals designed to strengthen its financial foundation and empower its leadership team to execute an ambitious strategic plan aimed at delivering the production launch of its flagship FX vehicle by the end of 2025.
This Annual Meeting marks a significant milestone for Faraday Future as it continues to transition from concept to reality in the highly competitive electric vehicle (EV) landscape. The decisions approved by stockholders highlight confidence in the Company’s long-term vision and its ability to navigate a complex and rapidly evolving industry while enhancing shareholder value.
Leadership Praises Stockholder Support for Vision and Strategy
“We are extremely pleased with the overwhelming endorsement from our stockholders at the Annual Meeting,” said YT Jia, Founder and Co-CEO of Faraday Future. “Our stockholders, as true owners of the Company, recognize the immense potential of our long-term strategic initiatives. Their support equips us with the resources and governance structure needed to execute our roadmap effectively. We are excited to drive forward and realize our vision to become a leader in the intelligent electric vehicle industry.”
Jia’s remarks underscored a clear message of unity and purpose between Faraday Future’s management and its investor base. The meeting’s results solidify the Company’s path forward, reflecting confidence in management’s strategy to not only bring the FX Super One to market but also position Faraday Future as a transformative player in mobility solutions worldwide.
Stockholder Approvals Detail Key Corporate Decisions
At the Annual Meeting, Faraday Future’s stockholders approved several important proposals that will provide the Company with the operational flexibility, financial resources, and governance oversight essential for its next growth phase.
1. Election of Directors: Ensuring Experienced and Strategic Leadership
One of the pivotal outcomes was the reelection of all current members of the Board of Directors, including Matthias Aydt, Chad Chen, Chui Tin Mok, Jie Sheng, and Lev Peker. Each candidate received an overwhelming vote of confidence, with over 95% of shares cast in favor.
These directors bring a wealth of experience across the automotive, technology, and financial sectors, providing crucial strategic guidance as Faraday Future navigates product development, manufacturing scale-up, and market expansion. Their continued leadership ensures consistency in governance and oversight—vital for maintaining investor confidence and executing long-term plans successfully.
2. Private Placement Authorization: Strengthening Financial Stability
Stockholders also authorized the issuance of common stock to certain holders of convertible notes and warrants, consistent with Nasdaq Listing Rule 5635(d). This approval facilitates the conversion of debt instruments into equity, which in turn bolsters the Company’s financial stability by improving its balance sheet structure and liquidity position.
This step is critical for maintaining Nasdaq compliance, ensuring Faraday Future can meet listing requirements, and positioning the Company to access additional capital markets opportunities as it advances its FX production goals.
3. Share Authorization Increase: Fueling Growth and Strategic Flexibility
Another major proposal approved was the amendment to Faraday Future’s corporate charter to increase the number of authorized shares of both common and preferred stock. Specifically:
- The authorized common shares increased by 38 million, from approximately 129 million to 167 million shares.
- The authorized preferred shares increased by 2.9 million, from 10 million to nearly 13 million shares.
- This adjustment raised the total authorized shares (common plus preferred) from about 139 million to over 180 million.
Importantly, this increase does not immediately affect the total shares outstanding but provides Faraday Future with expanded flexibility to pursue strategic initiatives, including mergers and acquisitions (M&A), joint ventures, and capital raises.
This broader share authorization underpins the Company’s planned launch of the FX Super One, scheduled for the end of 2025, and supports the promotion of the FX Bridge Strategy—Faraday Future’s approach to integrating the FF and FX brands to create a seamless intelligent electric mobility ecosystem.
Progress Toward FX Vehicle Production Milestones
With these corporate governance and financial measures approved, Faraday Future is advancing steadily toward its production launch targets.
Key milestones achieved and ongoing initiatives include:
- Prototype Mules Approved for Public Testing: The Company has successfully secured regulatory approval to begin public road testing of its FX prototype mules. These test vehicles are currently undergoing rigorous trials in diverse, complex driving environments. This real-world testing is critical for validating Faraday Future’s advanced driver-assist systems and other intelligent vehicle technologies.
- Super One Production Model on Track: The FX Super One, the planned first production vehicle under the FX brand, remains on schedule for a summer debut. Initial market feedback has been highly positive, signaling strong interest from U.S. consumers, dealers, fleet operators, and car rental companies. This broad base of potential partners and customers bodes well for a successful commercial rollout.
- Commitment to Transparency and Stockholder Value: Faraday Future reaffirmed its dedication to clear, timely communication with its investors and the broader market. The Company is focused on enhancing stockholder value by optimizing its capital structure and avoiding dilutive measures such as a reverse stock split—unless absolutely necessary to maintain its Nasdaq listing status.
- Balanced Capital Deployment: The Company intends to use proceeds from planned equity and convertible debt offerings in a strategic, disciplined manner. This approach aims to fund business development initiatives while maximizing value creation and controlling dilution effects for existing shareholders.
Leadership’s Confidence Reflected in Insider Stock Purchases
To further demonstrate confidence in Faraday Future’s future prospects and align leadership interests with those of stockholders, the Company announced insider purchase plans under SEC Rule 10b5-1.
Co-CEOs YT Jia and Jerry Wang, Faraday Future’s Global President, committed to acquiring a combined total of $610,000 in common stock. These planned purchases underscore the management team’s belief in the Company’s growth trajectory and their commitment to increasing stockholder value over time.
The Road Ahead: From Innovation to Market Impact
Faraday Future’s Annual Meeting results are more than just a routine corporate exercise—they signify a collective endorsement of the Company’s transformative vision to redefine electric mobility. By securing strong stockholder backing for key governance, financial, and strategic initiatives, Faraday Future is poised to accelerate its journey from prototype development to full-scale vehicle production and market launch.
The Company’s strategy combines cutting-edge technology, innovative manufacturing processes, and an ecosystem approach that integrates shared mobility services with intelligent electric vehicles. This integrated model aims to deliver not only high-performance electric cars but also seamless user experiences that adapt to evolving consumer needs in a rapidly changing automotive landscape.
About Faraday Future
Faraday Future Intelligent Electric Inc. is headquartered in California and operates as a global player in the intelligent electric mobility space. The Company’s mission is to create a shared intelligent electric mobility ecosystem that blends innovative vehicle technology, smart connectivity, and sustainable practices. With a dedicated team of engineers, designers, and business professionals, Faraday Future is focused on pushing the boundaries of electric vehicle technology and delivering products that redefine the future of mobility.
The Company’s flagship vehicle, the FX Super One, embodies this vision with advanced driver assistance, superior performance, and a focus on connectivity. Through ongoing research, development, and strategic partnerships, Faraday Future is committed to creating a next-generation mobility platform that resonates with consumers worldwide.
