Written by Cláudio Afonso | LinkedIn | X
After delivering one FF 91 2.0 electric vehicle year to date, the US-based startup Faraday Future will deliver the second one of the year (and the 13th overall) “around July 31”.
In an interview to the YouTuber “The Omar Gosh Vlogs,” Faraday’s founder YT Jia revealed that deliveries will continue the deliveries on the last day of July, when the Annual Meeting of shareholders will take place.
“FF resumed the SOD 2 [second phase of the Start of Deliveries] and delivered the 12th [overall] FF91 2.0 to our first retail investor user in June. We aim to deliver the 13th FF91 2.0 by around July 31st,” YT Jia stated.
As reported earlier this week by EV, the company has been preparing to continue the deliveries after a hiatus period in early 2024.
The company will host an investor community day at its headquarters on July 20, eleven days before the Annual Meeting where shareholders will be voting on several proposals, including a reverse stock split with a ratio ranging from 1-for-2 to 1-for-40.
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If approved, the ratio will be defined by the company’s Board of Directors later this quarter allowing the company’s stock to regain compliance with the Nasdaq listing rule.
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.
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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.
On Friday, the company also said it entered into a $4.9 million lease financing arrangement with Utica Leaseco, as revealed in a SEC filing.
The agreement aims to support the EV maker’s operational and production capabilities. Year to date, the company has delivered only one vehicle as it seeks more funding in the Middle East region.
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Written by Cláudio Afonso | LinkedIn | X
