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Faraday Future Inks Shareholder Agreement With FF Global Partners

Faraday Future Intelligent Electric Inc (NASDAQ:FFIE) has signed an Amended and Restated Shareholder Agreement with FF Top LLC, the wholly owned subsidiary…
byShivani Kumaresan
January 18, 2023
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  • Faraday Future Intelligent Electric Inc (NASDAQ:FFIE) has signed an Amended and Restated Shareholder Agreement with FF Top LLC, the wholly owned subsidiary of FF Global Partners LLC.
  • The newly signed Shareholder Agreement solidifies FF Top as an important shareholder with 1:10 super voting rights, subject to shareholder approval.
  • Also, 1:20 super voting rights will be unlocked when FF’s market cap reaches $3 billion.
  • FF Top will also have the right to nominate four designees among seven board seats.
  • In addition, the company and the China Huanggang Government have also reached a non-binding Cooperation Framework Agreement for promoting its U.S.-China dual-home market strategy.
  • Faraday Future intends to relocate its future FF China Headquarters to Huanggang, supporting its U.S.-China dual home market and U.S.-China dual DNA strategy.
  • Faraday Future expects to start production of a saleable FF 91 Futurist at the end of March 2023.
  • Price Action: FFIE shares are trading higher by 16.1% at $0.55 on the last check Wednesday.
  • Photo Via Company
 
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Rivian has received an $827 million incentive package from the State of Illinois Department of Commerce & Economic Opportunity, which will allow the company to expand operations at its plant in Normal, IL. The company said the funds from the incentive package will go towards expansion of the plant, improvements in public infrastructure and job training programs for Rivian's workforce. 

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