Faraday Future's stock ticked higher after granting a large number of shareholder rights to FF Top LLC, and expects production of a saleable FF 91 Futurist...
Faraday Future Intelligent Electric Inc.’s stock ticked higher in the extended session Tuesday after the electric-car maker said it granted a large number of shareholder rights to FF Top LLC amid a cash crunch, and expects production of a saleable FF 91 Futurist flagship model by the end of March.
Faraday Future FFIE shares rose 3.3% after hours, following a 5.8% decline to end the regular session at 47 cents. Under the new agreement, FF Top gets supervoting rights of 1:10, which increases to 1:20 supervoting rights should the company’s market cap hit $3 billion, all subject to shareholder approval. The company currently has a market cap of $282.4 million.
The company said that FF Top agreed to vote all its shares to increase the number of shares to 1.69 billion from 815 million “as such number may be adjusted due to any stock split, reverse stock split or other similar corporate action after January 13, 2023.” The company said it also expects to start production of a “salable” FF 91 Futurist at the end of March, with the first cars rolling off the assembly line in early April with deliveries by the end of the month. That would mark the seventh of seven manufacturing milestones for the company, following numerous delays.
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