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Faraday Future Intelligent Electric (FFIE) has provided an update.
Faraday Future Intelligent Electric Inc. sold a single share of their newly designated Series A Preferred Stock to its CEO Matthias Aydt for $100 on June 21, 2024. This unique stock, which is non-convertible and not entitled to dividends, carries a massive 16 billion votes and is pivotal in shareholder proposals, effectively mirroring the outcome of common shares’ voting. The share cannot be transferred without board consent and is redeemable for $100 either by board decision or upon shareholder approval of certain proposals. This strategic move is set to have significant influences on the company’s decision-making processes.
Learn more about FFIE stock on TipRanks’ Stock Analysis page.