Faraday Future announces additional proposal for special meeting

Faraday Future Intelligent Electric announced an additional proposal for the recently announced special meeting of stockholders to limit the Company’s authorized shares available for issuance. The Board of Directors of the Company approved an additional proposal for approval by the Company’s stockholders at the upcoming special meeting. The previously disclosed proposal to effect a reverse stock split of the Company’s common stock at a ratio between 1-for-2 and 1-for-90 would hold the existing authorized shares unchanged, effectively expanding the total authorized shares by the same multiple as the reverse stock split. The new additional proposal is designed to cap the increase in the total additional authorized shares at six times the post reverse split shares authorized assuming the previously disclosed reverse stock split proposal is approved and the reverse stock split is implemented. The Company expects to file an amended preliminary proxy statement that includes such authorized share cap proposal shortly. This decision showcases FF’s commitment to its shareholders and dedication to aligning corporate policies with investor interests. As previously disclosed, the reverse stock split ratio will be determined by the Board after stockholder approval. The Board reserves the right to elect not to proceed with the reverse stock split if it determines that implementing a reverse split is no longer in the best interests of the Company and its stockholders.