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Faraday Future, which is owned by Jia Yueting, escalates infighting, saying it received death threats during fundraising

  • joy
  • 2022-09-24 00:56:32
  • 322 read
  Electric car startup Faraday Future (Faraday Future) said on Thursday local time that its leaders had received rumou...

  Electric car startup Faraday Future (Faraday Future) said on Thursday local time that its leaders had received rumours and death threats in the process of raising funds to help produce its first car .

  Faraday's announcement comes as the company's majority shareholder FF Top Holding LLC FF Top ) filed a lawsuit in Delaware Chancery Court on Monday, seeking executive chairman Susan Swenson and the board of directors. Member Brian Krolicki quit Faraday The reasoning is that what the company's current board has done after a merger with a special purpose acquisition company "pushed the company into a corner".

  Faraday wrote in a statement on its official website To support the production of the FF 91 model Faraday Future Smart Electric's board of directors and its advisors are continuing to seek financing options from multiple parties. Unfortunately, efforts to raise funds have been hampered by an unfounded and misguided publicity campaign The charges allege that certain directors were conspiring for their own personal gain seeking to bring the company into unnecessary bankruptcy.

  "Faraday has engaged an independent law firm to conduct a thorough independent external investigation into these allegations . An independent investigation led by a former prosecutor found that these false allegations against Faraday were baseless ," the statement added: "However, these baseless allegations against certain officers and directors of the company continue. Even the initial threats of lawsuits have escalated to threats of personal and even death. "

  Faraday said earlier this year that some members of its management team had received a subpoena from the U.S. Securities and Exchange Commission (SEC) to investigate the startup’s financial statements. In June, the company said it also received an initial request for information from the Justice Department.

  The company also mentioned in the statement that it is submitting evidence of the threats it has received to law enforcement agencies, including the FBI, the SEC, the Department of Justice and international agencies.

  Faraday, which has accumulated a lot of debt, has previously said that its first flagship model, the FF 91, is expected to be officially produced in July this year, but then a series of problems caused production delays, and some executives turned to rival electric car startups. company.

  The company said last month that Faraday would need more capital to stay afloat by early September. Since then, Faraday has focused on reducing costs and maintaining a cash position.

  Major shareholder FF Top said in a lawsuit in Delaware Chancery Court that Faraday failed to deliver on its forecast that production of the FF 91 would begin in July and squandered the company's cash. Faraday said the company was "suffering from a leadership crisis at the board level," adding that urgent changes were needed before raising more capital.

  Faraday spokesman Mark Connelly said the dispute with FF Top further limited Faraday 's ability to raise capital in a cooling capital market environment .

  "We are actively negotiating with multiple parties to raise funds," he said. "The focus of the board is to raise capital and get the car on the road."

  Shares in the company hit an intraday low of 74 cents on Thursday. The data shows that since the stock reached an intraday high of $7.85 on July 18, although trading volume rebounded briefly in early August, the overall trend has been in a downtrend. PricewaterhouseCoopers , which audited Faraday , also showed in public documents disclosed last month that it would not renew its contract with Faraday , citing the company's lack of effective internal management .

  Notably, Faraday 's shares have fallen about 93% since going public last July through a reverse merger with a special-purpose acquisition (SPAC) company.


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