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FF faces delisting risk! Jia Yueting and other executives cut their salaries to buy stocks.

2024-04-22 Update From: AutoBeta autobeta NAV: AutoBeta > News >

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AutoBeta(AutoBeta.net)09/22 Report--

On September 22nd, Faraday appointed Matthias Aydt as FF global CEO and Chen Xuefeng as CEO in China.

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It is understood that Chen Xuefeng decided to resign as global CEO of FF on September 16 and resign as a member of the board of directors, effective September 29. Starting from September 29th, Chen Xuefeng will be reinstated as CEO of FF China and will assume the new position of Executive Vice President of Global industrialization of the company.

According to the data, Chen Xuefeng graduated with a master's degree in automotive design and manufacturing from Wuhan University of Technology and has nearly 20 years of experience in the automotive industry. Before joining FF, he worked at Changan Ford Mazda, Ford Australia and Chery Jaguar Land Rover. In January 2013, Chen Xuefeng joined Chirui Jaguar Land Rover as executive vice president of manufacturing. In November 2015, he was promoted to Executive Vice President of Chery Jaguar Land Rover Co., Ltd. In March 2021, FF announced Chen Xuefeng as CEO in China, reporting directly to FF Global CEO Bi Fukang. In November 2022, Chen Xuefeng succeeded Bi Fukang as FF global CEO, who was ousted.

Matthias Aydt has extensive experience in the automotive industry. Prior to joining FF, he was Vice President of Automotive Engineering at Qoros from January 2015 to May 2016 and held a number of positions in Magnastyr from 2006 to 2014, including Magnastyr China Manager and Project Manager. Aydt joined FF in July 2016 and has held a number of leadership positions, including Senior Vice President of Product Executive, Vice President of vehicle Engineering, Chief engineer of vehicles and Director of hardware Architecture, and has served as Senior Vice President of Business Development and Product definition since November 2019, responsible for overseeing the company's business development, inter-enterprise sales, technology licensing and strategic cooperation, and leading the company's product strategy for future products.

It is worth mentioning that just the day before, Faraday Future said that after nearly a year, the company had returned to the Nasdaq minimum listing price requirement of $1.

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It is understood that Faraday will be listed backdoor on NASDAQ in the United States on July 22, 2021, and began official public trading under the stock symbol "FFIE." FFIE's offering price was $13.78, up 1.45% on the first day, closing at $13.98, with a total market capitalization of $4.535 billion. Since then, Faraday's share price has continued to decline in the future and has repeatedly received warnings from NASDAQ to delist. In order to re-meet Nasdaq's listing requirements, Faraday has been granted two 180-day grace periods on Nasdaq in the future to ensure that the share price stands above $1 and reverse split for this purpose. However, although Faraday's future share price has returned to Nasdaq's listing requirements, it has continued to plummet in recent days, falling 28.38% from September 18 to 21, with the latest share price at $3.66 and a market capitalization of $680.771 billion.

To this end, Faraday announced in the future that a number of executives have voluntarily signed salary cuts and stock purchase agreements, including founder Jia Yueting and the new CEO Matthias Aydt, Chen Xuefeng, CEO in China, Jonathan Maroko, interim chief financial officer, and Yun Han, chief accounting officer.

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Faraday said in the future that executives agreed to buy shares in the company at half their salary within three months. The shares will be locked up for at least 180 days from the date of issue. As for the plan to cut pay and buy shares in the future, Faraday said: "after reviewing the company's share price performance, management believes that Faraday's future share price is undervalued by the market. So executives hope to sign these agreements to show their commitment and confidence in the company."

Faraday's future new car was finally delivered earlier this month. According to Faraday Future official WeChat, on the co-creation day of FF delivery, FF officially delivered its new car, FF 91 2.0 Futurist Alliance, to American real estate agent tycoon and Netflix star Jason Oppenheim. In addition, FF will host the "FF 919 AI developer Co-creation Festival" and another "delivery Co-creation Day" next week, and the "FF developer track Co-creation Day" in October. Mr. Oppenheim is an American celebrity, luxury real estate agent, president and founder of The Oppenheim Group, and the star of Netflix's global hits Reality Show "Sunset Mansion" and "Orange County Mansion". His real estate agency has offices in Los Angeles, Newport Beach, San Diego and Cabo San Lucas in Mexico.

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