Written by Cláudio Afonso | LinkedIn | X
The US-based EV maker Faraday Future hosted on Saturday an Investor Community Day at its Los Angeles headquarters, where founder YT Jia addressed the 40 shareholders in attendance.
As investors wait for updates on the financial situation of the company, the founder announced the results from the two previous quarters will be filed within the next four weeks.
Commenting on the recent developments, Jia emphasized that the company has been recently approved to stay listed on the Nasdaq after filing its annual report.
“In the second phase, the company filed its annual report on Form 10-K, restarted the SOD2 [the second start of delivery], and received approval from the NASDAQ hearing panel to remain listed, contingent upon meeting two conditions,” the founder initially said.
In an interview with the YouTuber “The Omar Gosh Vlogs,” Faraday’s founder YT Jia revealed that deliveries will continue on the last day of July, when the Annual Meeting of shareholders will take place.
As the company tries to establish other sources of revenue besides the sales of its electric vehicle (EV) model FF91 2.0, YT Jia said the progress will be shared in a future event.
“During the third phase, we have made substantial advancements in developing the bridge strategy and a potential second brand. We are preparing to launch the strategy in an event to share more details and our progress,” he stated.
“We are hopeful to set sail together in the blue ocean with potential partners. Additionally, my personal IP commercialization endeavor has also made significant progress. In the third phase, the most crucial task is to meet Nasdaq’s two compliance requirements as soon as possible,” he added.
NEVER MISS AN UPDATE
Regarding the report of the financial results from this year, the company is aiming to file the first quarter numbers “by the end of the month” and the second quarter ones “by the middle of August”.
“First, if all goes well, we will file our first quarter report by the end of the month and our second quarter report by the middle of August. Second, we must meet Nasdaq’s minimum bid price requirements and have sufficient shares to enable us to raise strategic equity financing. As for the other two chapters, I may share more details when wrapping up the safeguard,” YT Jia said.
Here’s the 9-minute speech from the company’s founder.
The company is expecting to deliver the next vehicle (the 13th FF91 2.0 overall) on the last day of the month, at the Annual meeting of shareholders — the founder YT Jia unveiled last week.
In a video shared on YouTube, Faraday showed that attendees took rides in the FF91 luxurious EV model. Here’s the full video shared by the US-based startup.
On Friday, the company published a letter urging the shareholders to approve all the proposals at the upcoming Annual General Meeting scheduled for the last day of July.
NEVER MISS AN UPDATE
The company founded by YT Jia warned that if the reverse stock split is not approved, it can lead to delisting from Nasdaq making it “impossible” the capital raise in the near future. Faraday is aiming to get approved for a reverse split with a ratio ranging from 1-for-2 to 1-for-40.
Faraday will also seek approval to increase the number of authorized shares of Class A and Class B common stock from 463,312,500 to 4,169,812,500, and the total number of authorized shares of common and preferred stock from 473,312,500 to 4,179,812,500.
Shareholders will also vote to elect five directors to serve until next year’s annual meeting as the board also seeks ratification of Macias Gini & O’Connell LLP as the independent accounting firm for the current fiscal year.
Another item on the agenda is an amendment to the 2021 Stock Incentive Plan to increase the number of shares of Class A Common Stock available under the plan by 88,252,926 shares.
NEVER MISS AN UPDATE
Written by Cláudio Afonso | LinkedIn | X
