US SEC concludes four-year-old probe into EV startup Faraday Future with no action

Core Viewpoint - The U.S. Securities and Exchange Commission (SEC) has concluded its four-year investigation into electric vehicle startup Faraday Future without taking any action against the company [1]. Group 1: Investigation Conclusion - The closure of the SEC investigation allows Faraday Future to pursue strategic financing and partnerships, which had been hindered by compliance concerns during the probe [2]. - The investigation was related to matters involving the company's 2021 PIPE financing and SPAC-related transactions, with the SEC having issued notices to the company and certain executives [2]. Group 2: Management and Internal Review - In March 2022, the SEC subpoenaed members of Faraday Future's management team as part of the investigation into inaccurate statements made to investors after the company went public [3]. - An internal review conducted in February 2022 identified certain inaccurate statements, leading to a reduction in the base salaries of then-CEO Carsten Breitfeld and founder Jia Yueting, who were asked to report to Executive Chairperson Susan Swenson [3].