Faraday Future Announces Results of Annual General Meeting

Faraday Future Intelligent Electric Inc. (NASDAQ: FFAI) (“Faraday Future”, “FF” or the “Company”), a California-based global shared intelligent electric mobility ecosystem company, today announced the results of its Annual General Meeting of Stockholders (the “Annual Meeting”) where stockholders approved a series of proposals to enhance FF’s financial stability and empower the leadership team to execute its strategic plan to launch FX vehicle production by the end of 2025.

“We are pleased with the overwhelming support from our stockholders at the recent Annual Meeting,” said YT Jia, Faraday Future’s Founder and Co-CEO. “As owners of our Company, our stockholders see the value in our long-term strategy and have provided us the tools we need to execute our plan and bring forth strong results as we realize our vision to lead the intelligent electric vehicle (EV) industry.”

FF Stockholders approved the following proposals at the Annual Meeting:

1. Election of Directors

Each member of the Company’s Board of Directors – Matthias Aydt, Chad Chen, Chui Tin Mok, Jie Sheng and Lev Peker – was reelected with 95% or more votes in favor. The reelection of these qualified, experienced business leaders as directors helps ensure continuity and strategic oversight in pursuit of FF’s long-term strategic goals.

2. Private Placement

Stockholders approved the issuance of Common Stock to holders of certain convertible notes and warrants, in accordance with Nasdaq Listing Rule 5635(d). This proposal will help the Company strengthen its financial stability, enhancing its ability to fulfill its financial obligations, maintain compliance with Nasdaq listing standards, and position the Company for future financing to advance its strategy.

3. Share Authorization Proposal (without Affecting Current Total Shares Outstanding)

Stockholders approved an amendment to the Company’s charter to increase the number of authorized shares as follows:

1. the number of authorized shares of the Company’s common stock by 38,000,000 from 129,245,313 shares to 167,245,313 shares, and
2. the number of authorized shares of the Company’s preferred stock by 2,900,000 shares from 10,000,000 shares to 12,900,000 shares, so that the total number of authorized shares of Company’s Common Stock and the Preferred Stock, will be increased from 139,245,313 shares to 180,145,313 shares.

The approval of the increased share authorization proposal helps support strategic growth, including the planned launch of the FX Super One by the end of the year, and allows the Company to explore M&A opportunities, joint ventures, and future fundraising in alignment with FF’s strategy to enhance the FF and FX brands and promotion of the FX Bridge Strategy.