FF Top Holding, a major shareholder of the EV maker Faraday Future, delivered on Monday a notice of removal of the Top Designee Brian Krolicki from the Board of Directors. Krolicki was the 33rd Lieutenant Governor of Nevada (from 2007 to 2015) and a Board member of Faraday Future since April 2020
Following the removal, the company nominated Ms. Li Han, formerly a partner at an internationally recognized law firm, to replace Mr. Krolicki as an FF Top Designee on the Board of Directors.
“Li Han is a seasoned business advisor and hands-on deal lawyer with experience leading billion-dollar M&A and capital-raising transactions, venture, and private equity investments, and fund investments”, FF Top stated.
“She is a former Partner of O’Melveny & Myers and former General Counsel of Shanda Group. She also worked as an attorney with Sullivan & Cromwell LLP and Davis Polk & Wardwell LLP.
FF Top has attempted to address the Board of Directors of the EV maker for the “concerns regarding the performance and direction of FFIE under the Board’s leadership” and “hopes that FFIE will constructively engage with FF Top and FFIE’s other shareholders to address these concerns”.
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“In addition, FF Top hopes that FFIE complies with its obligations under the Shareholder Agreement to facilitate the removal of Mr. Krolicki and the appointment of Li Han as his replacement,” FF Top wrote.
In early June, Faraday Future announced that selected Cerence’s AI-powered text-to-speech (TTS) technology to enable natural, human-like communication for the in-car assistant in its FF 91 ultra-luxury electric vehicle, set to start production in Q3 2022. With Cerence TTS, the FF 91’s voice assistant delivers information and responds to prompts – ranging from news and weather to point-of-interest details, navigation, parking, and fuel.
Recently, the company reported its Q1 2022 Financial results reporting total assets of approximately $706 million ($276 million of cash) and 401 preorders for the upcoming FF91 model.