Benzinga | Nov 15, 2021 06:08PM EST

Faraday Future Intelligent Electric Delays SEC Filings Pending Board-Initiated Review Of Certain Allegations Related To Inaccurate Disclosures; Says Co. Business Operations Remain On Track For July 2022 Launch Of FF 91

* Company Delays SEC Filings Pending Board-Initiated Review of Certain Allegations Regarding Inaccurate Disclosures

* Business and Operations Remain on Track for July 2022 Launch of FF 91; Company Provides Third-Quarter Business Highlights

LOS ANGELES--(BUSINESS WIRE)-- Faraday Future Intelligent Electric Inc. ("Faraday Future" or the "Company") (NASDAQ:FFIE), a California-based global shared intelligent electric mobility ecosystem company, filed a Form 12b-25 notifying the SEC that it is unable to file its Form 10-Q for the fiscal quarter ended September 30, 2021 within the prescribed time period, and does not expect to file it by the extended filing date pursuant to Rule 12b-25. The Company is also unable to file its amended Registration Statement on Form S-1 (File No. 333-258993) (the "Form S-1/A") at this time.

The Company's Board of Directors formed a special committee of independent directors to review allegations of inaccurate disclosures, including claims made in a report issued by an investor with a history of seeking to drive down public companies' stock prices for its own benefit. Faraday Future seeks to do business in the most ethical and transparent way. As a new public company, the Board, as part of its review, is seeking to ensure that the Company is adhering to the highest standards of conduct.

The special committee's review is ongoing, and it is working diligently with independent counsel and advisors to complete its review as soon as possible. The Company is committed to working with the special committee to complete its work in order to re-establish timely financial reporting as soon as feasible. Until the review is complete, the Company is not able to file its Form 10-Q or Form S-1/A.

Business Update

Faraday Future remains on track to deliver the first FF 91s to users in July 2022. Progress on the build-out of Faraday Future's manufacturing capabilities continues. During the third quarter, the Company completed the first major milestone at its Hanford, California facility, installing pilot equipment in the pre-production build area. Subsequent to the end of the third quarter, Faraday Future completed its second major milestone, receiving its Certificate of Occupancy, which allows the Company to begin building additional pre-production vehicles for final testing and validation. The Company has also made progress towards additional milestones including the start of installation of mechanical systems and final foundation work. Faraday Future is on track and on schedule at Hanford. The Company will provide regular updates on these critical production milestones.

Faraday Future today posted a video to the investor relations section of its website that details its progress: FF Hanford production facility is on track.

Faraday Future has made significant product upgrades to both the I.A.I. (Internet, autonomous driving, and intelligent) technology and the electric vehicle platform. Key changes include upgrades in major subsystems such as the e-Motor, powertrain, ADAS, LiDAR, cameras, and displays. These improvements further enhance the FF 91's quality, exceptional product power, and industry re-defining user experience.

Faraday Future further solidified an already strong management team with a number of key hires. Matt Tall leads production and manufacturing and brings 29 years of manufacturing and engineering expertise, most recently with Rivian. Liu Yuchao leads Faraday Future's China supply chain bringing over 16 years of procurement experience with major manufacturers. Mark Connelly leads Faraday Future's Global Investor Relations effort after a 25+ year Wall Street career with firms including JP Morgan Securities, Credit Suisse, and CLSA. The Company also welcomed Chuck McBride as its new Chief Financial Officer. Chuck brings exceptional breadth and depth of experience in managing rapid growth businesses including building strong internal infrastructure and raising capital.

Faraday Future announced key component supply agreements with Tier 1 suppliers.

Finally, Faraday Future recently announced that its first flagship store will be located in Beverly Hills, California.

Users can reserve an FF 91 Futurist model now via the FF intelligent APP or FF.com at: https://www.ff.com/us/reserve

Download the new FF intelligent APP at: https://apps.apple.com/us/app/id1454187098 or https://play.google.com/store/apps/details?id=com.faradayfuture.online