Text | Congerry
After more than a year as an "outsider", Boss Jia was "rehabilitated" by the board of directors, restored to his status as an "executive officer", and returned to the hands of Faraday Future (hereinafter referred to as "FF").
On March 2, FF announced that FFIE's Board of Directors had approved Jia Yueting, together with Global CEO Chen Xuefeng, to report directly to the Board of Directors to determine that Jia Yueting was an "officer" of the Company within the meaning of Section 16 of the Exchange Act of 1934 (the "Exchange Act") and an "executive officer" of the Company within the meaning of Section 3b-7 of the Exchange Act.
This means that at the critical moment when the FF 91 is about to be mass-produced, Jia Yueting, as the founder of FF, regains control of FF.
After returning to the core management, FF's products, mobile ecosystem, I.A.I., and advanced R&D technology departments reported directly to Jia Yueting; The user ecosystem, capital markets, human resources and administration, corporate strategy department and FF China departments reported to Jia Yueting and FF Global CEO Chen Xuefeng. The rest of the company's divisions, including finance and legal, continue to report to global CEO Chen Xuefeng on a one-line basis.
FFIE's Board of Directors believes that Jia Yueting has made important contributions to FF's recent financing and the just-concluded extraordinary general meeting to vote to increase the number of authorized shares
After the crazy ticket skipping, FF91 mass production counted down again
On March 1, FF shareholders approved a proposal to increase the authorized number of FFIE Class A common shares to 1.69 billion shares, as well as a proposal to allow the issuance of shares under an equity credit facility between the Company and an affiliate of Yorkville Advisors, which may issue more than 19.99% of the Company's Class A and Class B common stock.
The approval of the proposal is also a prerequisite for FF to receive a partial financing of $135 million, which will raise all the necessary funds for FF 91 Futurist to begin mass production.
FF's goal is to begin production of FF 91 Futurist ("FF91") flagship electric vehicle product ("FF91") in Hanford, California, on March 30, 2023 after investor funds are available as scheduled, with the first vehicles rolling off the assembly line in early April and delivery to the first users by the end of April.
Jia Yueting and former global CEO Bi Fukang of FF announced the mass production of FF91 in 2018, 2020 and 2022, and the result was crazy jumping.
Moreover, the premise of the mass production of FF91 is that the funds are in place on schedule, and if they are not in place or delayed, it means that FF91 will bounce the ticket again.
Last Friday, FF announced employee incentive plans for sprint SOP (start production) and SOD (start delivery).
Under the program, the Company may issue cash awards and equity incentives to all current employees and executives once FF begins production of FF 91 on or before March 31, 2023 and delivery of FF 91 on or before April 30, 2023.
Isn't this really trying to squirm employee wool? (Boss Jia: Look what I do, buy it)
Boss Jia calmed down the infighting, and FF got back on track
Returning to the center of power, in addition to Jia Yueting's "recent performance", FF's board of directors believes that Jia Yueting has long-term important value and indispensable significance to FF's products, technological innovation, I.A.I., advanced technology, product and technical improvement, and company development.
This time, Jia Yueting took back the power he once had.
In September 2019, due to personal debt problems, Jia Yueting resigned as CEO of FF and took over as Bi Fukang, and he transferred himself to the company's CPUO (Chief Product and User Officer), with responsibilities limited to the product and mobile ecosystem, as well as Internet, artificial intelligence and advanced technology research and development.
On 15 November 2021, FF established a special committee of independent directors to investigate allegations including the short selling report issued against FF on 7 October 2021.
The report pointed out nine major problems, including FF factory failure, predetermined volume fraud, immature mass production technology, insufficient funds, and corporate credit bankruptcy.
Before waiting for Jia Yueting to deliver the car, he first waited for his new scam of 25 billion
The findings revealed certain inconsistencies in FF's investor statements and certain weaknesses in corporate controls and culture, and other allegations, including those in the short selling report, were not supported by the evidence reviewed.
In response to its findings, the Special Committee recommended a number of corrective measures, including restructuring FF's Board of Directors and appointing Susan Swenson, an independent director of the Board, as Executive Chairman of the Board. In addition to a 25% salary cut, Jia Yueting was further reduced in power and dismissed from his position as an executive official.
After the change of the board of directors, the new board of directors further suppressed the founding team and executives of FF, including Jia Yueting, and even deliberately promoted FF to bankruptcy.
But how could Boss Jia be killed? In September 2022, FF's largest shareholder organization, FF Top (FF Global Partners, led by Jia Yueting), filed a lawsuit against FF, seeking the removal of then-executive chairman Sue Swenson and director Brian Krolicki.
The market value fell by less than 300 million, and executives received death threats! Faraday Future Infighting Upgrade, Whose Fault?
After that, Sue Swenson and Brian Krolicki resigned, and Boss Jia and his partner team regained control of FF.
Afterwards, Boss Jia posted on Weibo: "Rectifying the chaos and getting back on track is another major inflection point for FF." We would like to thank all the investors, partners, executives and employees who worked together to save FF. ”
Jia Yueting returned to the center of power
In this "rectification of chaos", FF said that in 2022, due to unfair treatment by the former board of directors (including the investigation and remediation plan led by the former FFIE board), the original FF founding team and senior management, including Jia Yueting, were suppressed, marginalized in corporate operations, and excluded from core business decisions and even the company.
"This is also the core reason for the chaos of corporate governance structure, the sharp decline in stock prices, the risk of delisting, and even the bankruptcy crisis that occurred a few months after listing." （
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In FF's view, after justifying Jia Yueting's name, Jia Yueting and Chen Xuefeng can lead FF's global team to tide over the difficulties, FF to achieve large-scale financing and FF91 mass production delivery.
Right one: Chen Xuefeng
However, despite FF's financing and mass production plans, the stock price is still at an all-time low of just $0.508, with a total market value of $350 million.
Currently, FF is completing final testing and validation of FF 91. On February 13, one of the FF 91 pre-production test vehicles was shipped to Shanghai, China, for market testing and validation, including the compatibility of charging and infrastructure with other hardware and software applications.
When FF91 was "imminent" to mass production, Boss Jia returned to center stage...
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Reference article links:
1.https://new.qq.com/rain/a/20230302A068JF00
2.http://stock.10jqka.com.cn/usstock/20230302/c645247661.shtml
3.https://weibo.com/ttarticle/p/show?id=2309404874791080296745