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As of Sept. 23, U.S. stocks closed at $0.767 per share, up 2.9% at Faraday Future, leaving a total market capitalization of just $252 million. It is understood that Faraday will be officially listed on the NASDAQ Stock Exchange in the United States on July 22, 2021 and officially traded under the stock symbol "FFIE". The issue price is $13.78, closing at $13.98 on the first day, with a total market capitalization of $4.535 billion. However, Faraday's future listing has fallen again and again for a year, down 94.43% from its offering price of $13.78. In the past week, Faraday has fallen 20.53 per cent from $0.965 to $0.767 in the future.

FF Top Holding, a shareholder with 36 per cent of the company's voting rights, filed a lawsuit in Delaware's equity court on Monday, demanding that Faraday remove executive chairman Sue Swenson and board member Brian Krolicki on the grounds that the company's current board had "pushed the company into trouble" after the merger of a special purpose acquisition company.

On September 22, Faraday said in a statement on its website that "false allegations" had affected the company's financing efforts. Faraday said in the future that an independent law firm hired by the company had conducted a thorough independent external investigation into the allegations and found that the false allegations were groundless. Faraday said in the future, "these baseless allegations are still directed against some of the company's executives and directors, and the threat of litigation has escalated to physical violence or even death threats." Faraday will take these threats seriously in the future and will refer them to relevant law enforcement agencies, including state and local police, the Federal Bureau of investigation, the Securities and Futures Commission, the Department of Justice and international agencies. meanwhile. The company will cooperate with law enforcement investigations and support the prosecution of anyone found to be involved in threats or violence to the maximum extent permitted by law. "

Earlier, according to foreign media reports quoted by the media, a number of future Faraday employees issued a petition to remove four directors of Sue Swenson, Brian Krolicki, Scott Vogel and Jordan Vogel.

According to the petition, Faraday successfully listed on NASDAQ on July 22, 2021 and raised nearly $1 billion. Over the past year, however, its share price has plummeted, its market capitalization has lost nearly 95%, employees' shares have become worthless, and all investors have suffered heavy losses. The board of directors is the first responsible body for all these catastrophic losses. Since IPO, the above four directors have used an excuse to launch an internal investigation and set up a special committee. Through investigation and rectification, Sue Swenson became the executive chairman, holding the highest decision-making power in the operation of the company, and the other three people also held core positions, but their lack of industry experience was the main cause of the company's current difficulties. Therefore, the employees of the company demand that the board of directors immediately stop maliciously promoting the bankruptcy of the company, immediately stop maliciously preventing normal financing, immediately hold the annual general meeting of shareholders, replace incompetent directors, and investigate all legal responsibilities of the relevant personnel. and make full compensation for the economic losses caused by the company, employees and shareholders.

On the morning of July 22, US time, Faraday was officially listed on the NASDAQ Stock Exchange in the United States in the future. It is worth noting that although Faraday's future founder Jia Yueting also came to the NASDAQ Stock Exchange, he did not appear on the bell-ringing platform, but watched this moment offline. Afterwards, Jia Yueting said in an interview with China Finance and Economics that the future listing of Faraday means a new starting point and brings an important capital flow to the company. After that, he will go all out to achieve mass production and delivery of cars in 12 months, and has great confidence in FF91's on-time production. At the same time, Jia Yueting said proudly that he was "confident of subverting traditional super-luxury car brands such as Maybach, Ferrari and Bentley."

On October 7, US time, the US short seller J Capital Research released a 28-page short selling report on FF. The report expressed its doubts about FF from the perspectives of FF's production capacity, capital operation performance, R & D investment and Jia Yueting's own punishment in China. The sources included field research visits, company financial report data and public information. Questioned FFIE's car-building ability from all aspects, and listed a series of 10 items, including misappropriation of public funds, factory delays, false orders and so on, and said bluntly that "I don't think FF can sell a car."

On the short-selling report, Jia Yueting, founder of FF, said on moments that the short-selling agency's remarks were hot speculation and nonsense, and that it was not the first time that J Capital Research had been hit in the face.

Although Jia Yueting and Faraday denied the short selling report in the future, Faraday made a series of investigations in the future. On February 1, 2022, the Faraday Commission of Inquiry on Future Independent Directors released a report saying that the Special Committee had completed its previously announced investigation, which found that the information released by the company's investors was inconsistent with the facts. there are also some weaknesses in corporate governance and compliance, but there is no evidence to support other problems mentioned in the short-selling report.

In June, Faraday's future infighting was hammered, and FF Top Holding LLC asked to replace BrianKrolicki, chairman of the board appointed last year, who was chosen by PIPE Investment as chairman of the board to supervise management, while the replacement was Jia Yueting's lawyer, and then replaced other board members such as Susan Swenson step by step. Then, at the same time, Faraday's future employees asked to remove several directors of the board of directors.

Compared with returning home, it is more difficult to produce in large quantities. As we all know, Faraday was founded in 2014, earlier than Wei Xiaoli, but now Wei Xiaoli has launched a number of models, and even his former classmate, Evergrande, has achieved mass production, while Faraday has not been able to mass produce and appear on the market in the future.

It was only one foot away from mass production and kicked for several years. It is understood that FF91 was officially launched in January 2017, after which the company announced the completion of a $1 billion round of financing, with Jia Yueting, founder of Leeco, as the global CEO and chief product officer. In 2018, Faraday announced delays in future delivery, saying on its official Weibo that it "firmly believes in our ability to deliver FF91 to global booking users by 2019." In 2019, Faraday said in the future, "delivery is scheduled for 2020." Now in 2022, Faraday's future is still the same, from "ensuring the completion of the delivery target in July 2022" to "still confident that it will be delivered in the third quarter of 2022", and now the latest term has become "the fourth quarter".

Before a car is built, Faraday's future is almost financially exhausted. According to statistics, Faraday's cumulative loss in the future has reached 3.2 billion US dollars. As of August 9, 2022, Faraday's future cash balance is only $52.2 million, with a cash limit of $1.6 million.

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