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Faraday Future Announces the Upcoming Special Meeting to Enable Rapid Execution of the Second Chapter of the Bridge Strategy and Adhere to Prudent Issuance Commitment Through Key Proposals
Globenewswireยท 2025-08-08 20:30
Core Viewpoint - Faraday Future Intelligent Electric Inc. is seeking stockholder approval for several proposals aimed at supporting its strategic initiatives and long-term growth during a Special Meeting scheduled for September 19, 2025 [1][10]. Proposal Highlights - **Share Authorization Proposal**: The company proposes to increase the number of authorized shares of Common Stock by 65,225,672, a 39% increase, and to increase the number of authorized shares of Preferred Stock by 5,031,000, raising the total authorized shares from 180,145,313 to 250,401,985 [2][6]. - **Private Placement Proposal**: Approval is sought for the issuance of shares of Class A Common Stock to holders of certain convertible notes and warrants, ensuring compliance with Nasdaq regulations and supporting future vehicle production [4][6]. - **Name Change Proposal**: The company aims to change its name to "Faraday Future AI Electric Vehicle Inc." to align with its vision of leading the intelligent electric vehicle industry and to reinforce its brand identity with the new ticker symbol FFAI [5][6]. - **Amended 2021 Plan Proposal**: An amendment to increase the number of shares available for issuance under the 2021 Stock Incentive Plan by 9,500,000 shares is proposed to attract and retain top talent [7][6]. - **Adjournment Proposal**: The company seeks approval for potential adjournments of the Special Meeting to allow for further solicitation of proxies if necessary [8]. Recent Key Business Progress - Since the appointment of Co-CEO YT Jia, the company has seen a nearly 300% increase in market capitalization and has been added to the Russell 3000 Index, with institutional investors like BlackRock and Vanguard increasing their positions [6][9]. - The FX Super One vehicle has received over 10,000 paid pre-orders and has entered trial production, with plans for the first vehicle to roll off the line by year-end [6][13]. - The company is set to announce a major upgrade to its Bridge Strategy on August 16, 2025, which is expected to accelerate growth [9][13].