FF Top's statement on the resignation of three directors of Faraday Future and the completion of reforming the top-level governance structure

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Oct 06, 2022, 19:13 ET

LOS ANGELES, Oct. 6, 2022 /PRNewswire/ -- Earlier today, Faraday Future("FFIE") filed a Current Report on Form 8-K stating that Sue Swenson, Executive Chairperson and director of FFIE, and directors Mr. Scott Vogel and Mr. Jordan Vogel have resigned from all positions on the FFIE board of directors and otherwise with the company.

FF Top has had a number of concerns with the direction of FFIE under the oversight of its board of directors since the de-SPAC transaction in July 2021 and has supported changes to FFIE's board in order to protect the interests of the company and all shareholders. FF Top is and has always been committed to effecting those changes through the lawful exercise of its rights under applicable contracts and state and federal law. FF Top strongly condemns any threats of violence against anyone and looks forward to the persons responsible being identified and brought to justice.

FF Top remains committed to working with FFIE to fully implement the governance agreement reached with FFIE on September 23, 2022. We are confident that the board of directors will successfully manage the smooth transition under the leadership of the new interim chairman Adam He. FF Top also looks forward to FFIE rolling out a new longer term top-level corporate governance and operational management structure following FFIE's announced 21-day interim solution.

FF Top believes that following the execution of the September 23, 2022 governance agreement, the interests of FFIE shareholders and FFIE are more aligned with respect to the future direction of the company. We look forward to the board of directors and FFIE management working together to complete additional financing, promote the delivery of the FF 91 Futurist, and realize the vision of the company for its investors, partners and global users.

FFIE states in its Form 8-K that certain persons have made "whistleblower complaints" to FFIE regarding a variety of matters. We firmly support the right of stockholders, employees and others to make their concerns known to public companies through lawful means, as well as the diligent and impartial investigation by public companies of any concerns so raised.

Following these recent resignations, we look forward to working with the new board of directors and management of FFIE to maximize the interests of all shareholders and investors and help FFIE promote the highest ethical standards in governance.

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SOURCE FF Top Holding LLC