FFIE.Faraday Future Intelligent Electric INC

S-1: Faraday Future Registers Shares Amid SEC Probe, EV Push

Sentiment:

Registration Statement 11 September 2025 4:01 PM

📋All filings for Faraday Future Intelligent Electric INC

Faraday Future Intelligent Electric Inc. filed an S-1 registration statement to allow selling securityholders to resell up to 19.64 million shares of Class A Common Stock, while detailing recent capital raises, product development, and ongoing operational challenges including an SEC investigation.

Delay expectedThe fourth closing of the March Financing was delayed pending satisfaction of certain closing conditions in accordance with the terms of the March SPA.The July Financing Subsequent Closing is expected to occur fifteen business days following the later of the effective date of the July Initial Registration Statement and the July Financing Stockholder Approval Event, subject to extension.

Capital raiseSecured approximately $30.0 million in cash financing commitments for unsecured convertible notes in December 2024.Secured approximately $41 million in cash financing commitments for unsecured convertible notes and associated common warrants in March 2025.Secured approximately $105 million in new cash financing in July 2025, comprising $82 million from July Financing and $22 million from previous investors exercising prior securities.Plans to use dedicated financing exclusively for the purchase of crypto assets, targeting up to $500 million to $1 billion in crypto coin purchases, with a first $30 million commitment secured.Regained eligibility to access its At-The-Market (ATM) offering program and file new registration statements on Form S-3, providing greater flexibility in capital raising.

Summary

Faraday Future Intelligent Electric Inc. (FFAI) filed an S-1 registration statement for the resale of up to 19,640,429 shares of Class A Common Stock by selling securityholders.
The shares registered for resale originate from various convertible notes and warrants, including March Unsecured Notes (9,560,656 shares), March Incremental Notes (1,770,492 shares), June Additional May 2023 Unsecured Notes (3,608,772 shares), December Incremental Notes (4,310,345 shares), and March PA Warrants (390,164 shares).
The company will not receive any proceeds from the sale of these shares by the selling securityholders, but may receive approximately $571,200 from the cash exercise of March PA Warrants.
FFAI secured approximately $30 million in financing commitments in December 2024, $41 million in March 2025, and $105 million in July 2025 (comprising $82 million from July Financing and $22 million from previous investors).
The company launched FF Open AI Day in March 2025, introducing Personalized AI and Bespoke AI systems for its FF 91 and FX series vehicles.
Future AIHER AI Hybrid Extended-Range Electric Powertrain System Inc. was incorporated in March 2025 to focus on AI hybrid extended-range electric powertrain systems.
FFAI secured B2B pre-order agreements for 1,000 FX Super One vehicles from JC Auto ($100,000 non-refundable deposit) and 300 from Sky Horse Auto LLC ($30,000 non-refundable deposit) in April/May 2025, bringing total non-binding fleet pre-orders to over 2,500 units.
Public road testing for FX prototype mules, including the FX Super One and FX6, began in May 2025.
The FF 91 model met all Federal Motor Vehicle Safety Standards (FMVSS) and completed U.S. homologation in May 2025.
The company expanded its U.S. and Middle East operations, with its Ras Al Khaimah (RAKEZ) facility in the UAE ready for occupancy, targeting FX Super One production in the region contingent on funding.
As of September 2025, FFAI completed its first $7 million cryptocurrency purchase as part of its new EAI + Crypto Dual-Flywheel & Dual-Bridge Ecosystem Strategy, targeting up to $500 million to $1 billion in crypto coin purchases.
The company, its founder Yueting Jia (Global Co-CEO), and President Jerry Wang received Wells Notices from the SEC in July 2025 regarding alleged false or misleading statements in connection with 2021 PIPE and SPAC transactions.
Temporary governance adjustments were approved in August 2025, excluding Global Co-CEO Yueting Jia from oversight of finance, legal, accounting, and public reporting functions during the SEC investigation.
CFO Koti Meka's base salary increased from $350,000 to $380,000, effective August 16, 2025, along with a $400,000 RSU grant and a $30,000 cash bonus.
The closing price of FFAI's Class A Common Stock was $1.67 per share and Public Warrants was $0.0541 per Public Warrant on September 10, 2025.
Total Class A Common Stock outstanding as of September 5, 2025, was 147,204,145 shares, increasing to 166,844,574 shares assuming the issuance of shares registered under this statement.

Sentiment

Score: 4

Explanation: While the company has secured significant financing and made progress in product development and market expansion, the severe SEC Wells Notices against the company and its top executives, coupled with ongoing dilution from convertible notes and warrants, and persistent operational risks in China, create substantial uncertainty and a highly speculative investment profile. The history of losses and going concern doubt further weigh on sentiment.

Positives

Secured significant capital raises, including $105 million in July 2025, with participation from a new Middle East strategic partner, supporting planned regional expansion.
Unveiled advanced AI systems (Personalized AI and Bespoke AI) as part of its All-AI Mobility Ecosystem, enhancing technological differentiation.
Achieved U.S. homologation and met all Federal Motor Vehicle Safety Standards (FMVSS) for the FF 91, enabling deliveries.
Secured substantial B2B pre-orders for the FX Super One (over 2,500 units), indicating growing market demand for its new affordable EV series.
Expanded global footprint with a facility in the UAE ready for occupancy, supporting market presence and investor interest in the region.
Regained eligibility for At-The-Market (ATM) offering program and Form S-3 filings, providing greater flexibility and efficiency for future capital raising.
Dismissal with prejudice of a consolidated class action lawsuit in Delaware in February 2025, resolving a significant legal overhang.
Successful delivery of the first FF 91 2.0 Futurist Alliance to an industry expert Developer Co-Creation Officer in August 2023.
FF 91 certified for a robust 381 miles EV range by the U.S. EPA and as a zero-emissions vehicle by CARB.
Enhanced brand visibility through global music icon Mariah Carey becoming an FF 91 2.0 Futurist Alliance owner and featuring the vehicle in her music video.
Executive management (Yueting Jia, Jerry Wang, Koti Meka) adopted Rule 10b5-1 stock purchase plans, signaling confidence in the company's future.
CFO Koti Meka received a compensation increase, including a higher base salary, RSU grant, and cash bonus, reflecting management's commitment and performance recognition.

Negatives

Received Wells Notices from the SEC for alleged false or misleading statements related to 2021 PIPE and SPAC transactions, impacting the company, founder Yueting Jia, and President Jerry Wang, which could lead to enforcement actions and reputational damage.
Temporary governance adjustments exclude Global Co-CEO Yueting Jia from oversight of critical functions (finance, legal, accounting, public reporting) during the SEC investigation, potentially impacting leadership stability.
The registration of 19.64 million shares for resale by selling securityholders poses a significant risk of dilution to existing Class A Common Stock holders.
The company has a history of losses and expects continued losses, indicating ongoing financial challenges.
The fourth closing of the March Financing was delayed due to unfulfilled closing conditions, highlighting potential difficulties in securing committed funds.
Ongoing reliance on China-based sourcing presents risks due to elevated U.S. import tariffs on EV components, potentially increasing input costs as production scales.
Uncertainty regarding the enforceability of anti-dilution adjustments for NPA Warrants due to the full repayment of the underlying note in 2023.
The company is obligated to indemnify individuals for costs associated with the SEC investigation, which may cause financial distress.
Potential for Nasdaq to delist the company's securities due to the SEC enforcement action.
Risks associated with the new cryptocurrency investment strategy, including potential reclassification as securities under the Investment Company Act and lack of FDIC/SIPC insurance for crypto holdings.
The company does not anticipate paying cash dividends in the foreseeable future, limiting direct returns to shareholders.

Risks

Ability to continue as a going concern and improve liquidity and financial position.
Ability to pay outstanding obligations.
Ability to remediate material weaknesses in internal control over financial reporting and risks related to restatement of financial statements.
Limited operating history and significant barriers to growth.
History of losses and expectation of continued losses.
Ability to execute on plans to develop and market vehicles and the timing of these programs.
Estimates of market size for vehicles and cost to bring those vehicles to market.
Rate and degree of market acceptance of vehicles.
Ability to cover future warrant claims.
Success of other competing manufacturers.
Performance and security of vehicles.
Current and potential litigation involving the company.
Ability to receive funds from, satisfy conditions precedent of, and close on various financings.
Result of future financing efforts, the failure of any of which could result in the company seeking protection under the Bankruptcy Code.
Indebtedness.
Ability to use its at-the-market program.
Insurance coverage may not cover all claims.
General economic and market conditions impacting demand for products.
Potential negative impacts of a reverse stock split.
Potential cost, headcount, and salary reduction actions may not be sufficient or achieve expected results.
Circumstances outside of control, such as natural disasters, climate change, health epidemics and pandemics, terrorist attacks, and civil unrest.
Risks related to operations in China, including regulatory actions, government intervention, and foreign exchange restrictions.
Success of remedial measures taken in response to Special Committee findings.
Dependence on suppliers and contract manufacturer.
Ability to develop and protect technologies.
Ability to protect against cybersecurity risks.
Ability to attract and retain employees.
Adverse developments in existing legal proceedings or the initiation of new legal proceedings.
Volatility of stock price.
Wells Notices from the SEC contemplating civil enforcement action, which could have a material adverse effect on business, financial condition, results of operations, prospects, reputation, and/or stock price, and may lead to civil monetary penalties, disgorgement, officer/director bars, loss of business cooperation, difficulty obtaining financing, difficulty attracting/retaining key personnel, financial distress from indemnification obligations, and potential Nasdaq delisting.
Launch of central bank digital currencies (CBDCs) may adversely impact the cryptocurrency business.
Risk of being deemed an investment company under the Investment Company Act due to digital asset investments.
Cryptocurrency holdings are not insured and not subject to FDIC or SIPC protections.
Management will have broad discretion over the use of net proceeds from financing, and proceeds may not be invested successfully.
Conversion of March Unsecured Notes, March Incremental Notes, December Incremental Notes, and June Additional May 2023 Notes into Class A Common Stock, and issuance of March PA Shares, will cause significant dilution.
Sales of a substantial number of shares of Class A Common Stock in the public market could reduce the market price.
Rising international political tensions and disruptions in financial markets, particularly between the United States and China, could adversely affect business, operating results, and securities value, including tariffs on electric vehicles.
Complexity, uncertainties, and changes in PRC regulations on internet-related business, automotive businesses, cybersecurity, information security, privacy, and data protection.
Difficulties in effecting service of legal process, conducting investigations, collecting evidence, enforcing foreign judgments, or bringing original actions in China based on United States or other foreign laws.

Future Outlook

The company aims to sell tens of thousands of FX vehicles within two years and continue developing two additional FX models priced between $20,000 and $40,000 to target underserved segments of the U.S. AI Electric Vehicle (AIEV) market. It plans to accelerate development and distribution efforts for both FF and FX brands, including the integration of advanced AI technologies. The new EAI + Crypto Dual-Flywheel & Dual-Bridge Ecosystem Strategy is expected to position the company at the forefront of global industrial and financial evolution, with plans to launch an EAI Vehicle Chain and target up to $500 million to $1 billion in crypto coin purchases. The company expects to expand hiring efforts as production and delivery scale.

Management Comments

We believe these innovations will help it set new standards in luxury and performance that will enhance quality of life and redefine the future of intelligent mobility.
We will not pursue a reverse stock split unless required to maintain Nasdaq compliance.
The Company issued a formal statement addressing suspected illegal short selling and online misinformation campaigns, asserting a zero-tolerance policy for knowingly false and misleading public content.
This update highlights managements intent to leverage the recently secured financing to support production readiness, scale operations for broader market access, and enhance technological differentiation in its intelligent electric vehicle lineup.
The Company expects this strategy upgrade to integrate Embodied AI (EAI) with the growth of the crypto asset economy to create a two-way, independently operating circular growth engine between Web2 and Web3, positioning the Company at the forefront of the next era in global industrial and financial evolution.
The strategy is also intended to position the Company as one of the first U.S.-listed public companies directly connecting real-world business operations with on-chain assets.
The Company and executives plan to engage with the SEC to explain why enforcement action is not warranted.

Industry Context

The global EV market is experiencing significant growth, projected to increase sixfold between 2021 and 2030, with annual sales rising from 6.5 million to approximately 40 million vehicles. The luxury and premium EV segments are strong drivers, expected to grow at an 8-14% compound annual growth rate through 2031, while the mass-market segment (under $80,000) is also projected for moderate growth due to new pricing strategies, federal incentives, and battery cost reductions. The commercial EV sector, particularly light-duty vehicles, is also expanding rapidly. Key drivers include increasing environmental awareness, tightening emission regulations (e.g., California's 2035 zero-emission mandate), decreasing battery costs (down 89% from 2010-2021, reaching $115/kWh in 2024), and the growth of electric shared mobility. Faraday Future's dual-home market strategy (U.S. and China) and 'third pole' strategy (UAE) aim to capitalize on these trends, leveraging U.S. innovation with China's supply chain and expanding into new regions.

Comparison to Industry Standards

The FF 91's EPA-certified range of 381 miles and 0-60 mph acceleration of 2.27 seconds are highlighted as key performance advantages over competing ultra-luxury EVs.
The FF 91 differentiates itself with 12 cameras, 3 LiDAR sensors, tri-motor AWD, and in-cabin generative AI features, positioning it against ultra-luxury EV competitors.
The company's proprietary and patented electric powertrain, including the FF Echelon Inverter (98% efficiency) and integrated electric motor drive units, is believed to provide a competitive edge in horsepower, efficiency, and acceleration performance compared to many competitors.
The FX 5 series, priced between $20,000 and $30,000, is positioned to compete with mass-market EVs like the Tesla Model 3, Hyundai Kona Electric, Chevrolet Bolt EV, and Nissan Leaf, as well as gas-powered vehicles.
The FX 6 series, priced between $30,000 and $50,000, aims to compete with models such as the Toyota bZ4X, Hyundai Ioniq 5, Kia EV6, and Ford Mustang Mach-E.
The FX Super One series is designed to compete with premium MPVs like the Mercedes EQV, Chrysler Pacifica Hybrid, Rivian R1S, and Volkswagen ID. Buzz, offering luxury, versatility, and advanced AI integration.

Management Changes

Role	Previous Person	New Person	Effective Date	Reason
Global President	NA	Jiawei Wang	March 2025	Promotion from partner and president of FFGP, focusing on day-to-day business operations and global function alignment.
Global Co-Chief Executive Officer	Chief Product and User Ecosystem Officer	Yueting Jia	April 23, 2025	Promotion to co-lead the company alongside Matthias Aydt, focusing on user ecosystem development, supply chain management, EV R&D, finance, legal, and China/Middle East operations.
Chief Financial Officer	Acting Head of Finance Operations	Koti Meka	September 23, 2024	Appointment to manage finance operations, financial planning and analysis, and support process improvement and cost-reduction efforts.
Global Co-Chief Executive Officer (Temporary Exclusion from Excluded Functions)	NA	Yueting Jia	August 6, 2025	Temporarily refrained from performing oversight of finance, legal, accounting, and public reporting obligations during the SEC investigation.
Global Co-Chief Executive Officer (Delegated Excluded Functions)	NA	Matthias Aydt	August 6, 2025	Delegated oversight of finance, legal, accounting, and public reporting functions during the SEC investigation.

Corporate Governance

Change Type	Description	Effective Date	Impact Assessment
Board Leadership Structure	The Board annually determines its leadership structure, with independent directors electing a Lead Independent Director if the Chairperson is not independent. The current Board is expected to select a permanent Chairperson.	Ongoing	Aims to ensure appropriate oversight and a clear leadership transition, enhancing board effectiveness.
Authorized Shares Increase	Increased the number of authorized shares of Class A Common Stock to 162,815,625, Class B Common Stock to 4,429,688, and Preferred Stock to 12,900,000, expanding total authorized shares to 180.1 million.	May 2025	Provides flexibility for future equity issuances to support growth initiatives and strategic transactions, but also enables potential significant dilution for existing shareholders.
Series A Preferred Stock Elimination	Filed a certificate of elimination to formally cancel the Series A Preferred Stock from its charter, following the full redemption of the single outstanding share.	May 2025	Removes a class of stock that previously held disproportionate voting power (3 billion votes per share), simplifying the capital structure and potentially reducing governance risks associated with concentrated voting control.
Series B Preferred Stock Designation	Designated 9,000,000 shares of authorized and unissued preferred stock as Series B Preferred Stock, with one vote per share, no dividends, and specific liquidation rights.	April 9, 2025	Introduces a new class of preferred stock for financing purposes, offering specific investor rights without granting disproportionate voting power or dividend entitlements.
Series B Preferred Stock Designation Amendment	Designated an additional 3,000,000 shares of Preferred Stock as Series B Preferred Stock.	August 21, 2025	Increases the pool of Series B Preferred Stock available for future issuances, providing further flexibility for financing activities.
Temporary Governance Adjustments	Global Co-CEO Yueting Jia temporarily refrained from performing oversight of finance, legal, accounting, and public reporting obligations, with these responsibilities consolidated under Global Co-CEO Matthias Aydt.	August 6, 2025	Aims to mitigate risks and maintain operational continuity during the ongoing SEC investigation involving Mr. Jia, centralizing critical functions under another executive.
Stock Ownership Guidelines	Guidelines require the Global CEO to own shares valued at six times base salary, other executive officers two times base salary, and non-employee directors three times annual cash retainers. Executives and directors must retain 50% of after-tax shares until ownership levels are met.	Ongoing	Aligns the long-term interests of executives and directors with those of shareholders, promoting sustained value creation and accountability.
Prohibition on Hedging and Pledging	Company directors, officers, employees, independent contractors, and consultants are prohibited from engaging in short sales, establishing margin accounts, pledging company securities, or trading derivative securities.	Ongoing	Reduces potential conflicts of interest, speculative trading, and risks associated with insider transactions, promoting market integrity.

Legal Proceedings

A consolidated class action lawsuit filed in Delaware was dismissed with prejudice in February 2025, resolving all litigation of this type.
The company, its founder Yueting Jia (Global Co-CEO), and President Jerry Wang received Wells Notices from the SEC in July 2025, indicating a preliminary determination to recommend enforcement action for alleged false or misleading statements during the 2021 PIPE and SPAC transactions.
Resolved an outstanding dispute with Palantir Technologies, Inc. in March 2024, agreeing to pay $5.0 million (later amended to $2.4 million in Class A Common Stock by August 9, 2024, and $2.4 million in Class A Common Stock by October 1, 2024).
Resolved outstanding claims with HSL s.r.l. in January 2025, agreeing to issue 1.15 million Class A Common Stock (approximately $1.185 million).
Resolved an outstanding arbitration award with Envisage Group Developments, Inc. USA in March 2025, agreeing to repay $425,000 in Class A Common Stock and $375,000 in four equal cash installments.
Resolved potential claims with Cooper Standard GmbH in June 2025, agreeing to pay a total of $835,000 ($200,000 cash and $635,000 in Class A Common Stock).
Resolved an outstanding arbitration award owed to Bitron, S.P.A. in August 2025, agreeing to pay a total of $343,409 ($120,000 cash and $225,409 in Class A Common Stock).

Related Party Transactions

Submitted a purchase requisition for promotional merchandise, totaling approximately $0.3 million, to Grow Fandor, a related party, in July 2025.
V W Investment Holding Limited, one of the December Investors, is an independent investment fund with investors including FF Global Partners (FFGP).
FF Global Partners LLC (FF Global), a shareholder of the Company, administers the Partnership Program, which provides financial benefits to certain company directors, management, and employees.
FF Global, through its subsidiary FF Top, is the company's largest stockholder and has the right to nominate four out of five directors on the Board.
Mr. Jiawei Wang, Global President, is a nephew of Mr. Yueting Jia, Global Co-Chief Executive Officer.

Stakeholder Impact

Shareholders face significant potential dilution from the conversion of approximately 19.64 million shares of Class A Common Stock by selling securityholders, which could depress the stock price.
Shareholders are exposed to increased risk due to SEC Wells Notices issued to the company and key executives, potentially leading to enforcement actions, fines, and reputational damage, and even Nasdaq delisting.
Employees, particularly management, are affected by the SEC investigation and temporary governance adjustments, which could impact morale and operational stability.
Customers may benefit from continued product development, including AI integration and new FX models, but could be impacted by any production delays or financial instability.
Suppliers benefit from the Vendor Trust Program and recent settlement agreements, which aim to strengthen relationships and resolve outstanding claims.
Creditors and noteholders are impacted by the various financing agreements, including convertible notes and warrants, which influence the company's debt structure and potential equity conversion.

Next Steps

Complete the fourth closing of the March Financing upon satisfaction of all closing conditions.
Complete the subsequent closing of the July Financing following the effective date of the July Initial Registration Statement and stockholder approval.
Integrate Personalized AI and Bespoke AI systems into the FF 91 and FX series vehicles.
Continue development of two additional FX models, targeting a price range of $20,000 to $40,000.
Initiate preparations for a flexible production line for FX models and future variants.
Target FX Super One production in the UAE, contingent on securing necessary funding.
Launch the EAI Vehicle Chain to enable tokenized vehicle sales, crypto-based deposits, and Web3-native user engagement.
Proceed with dedicated financing for crypto assets, targeting up to $500 million to $1 billion in purchases.
Engage with the SEC to explain why enforcement action is not warranted regarding the Wells Notices.
The Board is expected to select a permanent Chairperson of the Board.
Expand hiring efforts to support targeted vehicle production as operations scale.
File subsequent registration statements for the unregistered portions of Class A Common Stock issuable from March SPA securities.
File the July Initial Registration Statement within 45 calendar days of the initial closing date and seek effectiveness within 90 days.

Key Dates

Date	Description
July 2020	Property Solutions Acquisition Corp. (PSAC) completed its initial public offering.
January 27, 2021	Faraday Future Intelligent Electric Inc. (FFAI) entered into a definitive agreement for a business combination with PSAC.
July 21, 2021	FFAI consummated the business combination with PSAC, receiving $229.6 million in gross proceeds.
July 22, 2021	FFAI Class A Common Stock and Public Warrants began trading on Nasdaq under symbols FFAI and FFAIW.
August 5, 2021	Company entered into a Note Purchase Agreement with a private credit investor and its affiliates.
September 2021	Company completed installation of pilot equipment in the pre-production build area of its FF ieFactory California manufacturing facility.
October 2021	Company received its final Certificate of Occupancy (CO) for a dedicated area for pre-production manufacturing at FF ieFactory California.
December 2021	Company started foundation construction for all remaining production areas in FF ieFactory California.
February 2022	Company unveiled the first production-intent FF 91 EV manufactured at its Hanford, California plant.
August 14, 2022	FFAI entered into a Securities Purchase Agreement (Pre-existing SPA) with FF Simplicity and other purchasers.
August 16, 2022	Company received the $27.0 million aggregate principal amount of the Initial Bridge Notes.
September 23, 2022	Pre-existing SPA amended; $7.5 million Third Bridge Notes funded.
September 25, 2022	FFAI entered into a Joinder and Amendment Agreement to the Pre-existing SPA with Senyun.
October 3, 2022	Mr. Adam (Xin) He was appointed Interim Chairperson of the Board.
October 11, 2022	$7.5 million Fourth Bridge Notes funded.
October 24, 2022	Limited Consent and Third Amendment to the Pre-existing SPA extended maturity date for notes to October 27, 2028.
October 27, 2022	Initial $10.0 million tranche of Pre-existing SPA Notes to Senyun funded. Mr. Chad Chen appointed to the Board.
November 3, 2022	FFAI stockholders approved issuance under Nasdaq listing rules for Pre-existing SPA.
November 8, 2022	Limited Consent and Amendment to the Pre-existing SPA (Fourth Amendment) adjusted conversion price floor to $0.21.
November 15, 2022	$10.0 million in principal amount of notes funded.
December 18, 2022	Mr. Jie Sheng appointed as a member of the Board.
December 28, 2022	FFAI entered into a Letter Agreement and Amendment to the Pre-existing SPA with Senyun.
December 2022	Senyun funded aggregated amounts of $10.0 million in gross proceeds.
January 3, 2023	Senyun paid the first $4.0 million of its fourth funding tranche under the Pre-existing SPA.
January 6, 2023	Senyun paid $2.0 million of its fourth funding tranche under the Pre-existing SPA.
January 17, 2023	Amended and Restated Shareholder Agreement dated.
January 18, 2023	Senyun paid $4.0 million of its fourth funding tranche under the Pre-existing SPA.
January 20, 2023	Mr. Qing Ye tendered his resignation from the Board.
January 25, 2023	FFAI entered into a Limited Consent and Amendment No. 5 to the Pre-existing SPA. Mr. Chui Tin Mok was appointed to the Board.
January 26, 2023	$10.0 million in principal amount of additional Pre-existing SPA Notes funded.
February 3, 2023	FFAI entered into Amendment No. 6 to Securities Purchase Agreement (Sixth Amendment) for up to $135.0 million in Tranche C Notes.
February 8, 2023	FFAI received aggregate gross proceeds of $30.0 million from Tranche C Notes. Registration statement on Form S-1 (File No. 333-268972) declared effective.
February 9, 2023	FFAI received aggregate gross proceeds of $15.0 million from Tranche C Notes.
February 10, 2023	FFAI received aggregate gross proceeds of $15.0 million from Tranche C Notes.
February 13, 2023	Registration statement on Form S-1 (File No. 333-269729) filed with the SEC.
February 23, 2023	FFAI received aggregate gross proceeds of $25.0 million from Tranche C Notes.
February 26, 2023	Mr. Yueting Jia was determined to be an officer of the Company.
February 28, 2023	Stockholders approved an increase in the number of authorized shares of Class A Common Stock to 1,690,000,000.
March 1, 2023	An amendment to the Amended and Restated Charter was filed to reflect the increase in authorized shares.
March 3, 2023	FFAI received aggregate gross proceeds of $25.0 million from Tranche C Notes.
March 9, 2023	Mr. Matthias Aydt tendered his resignation from the Board. FFAI received aggregate gross proceeds of $25.0 million from Tranche C Notes.
March 10, 2023	FFAI received aggregate gross proceeds of $25.0 million from Tranche C Notes.
March 13, 2023	Ms. Li Han was appointed to the Board.
March 22, 2023	Registration statement on Form S-1 (File No. 333-269729) was declared effective by the SEC.
March 23, 2023	FFAI entered into Amendment No. 7 to Securities Purchase Agreement (Seventh Amendment) amending the funding timeline of certain Tranche C Notes.
March 29, 2023	The start of production Option Milestone for the FF 91 was completed.
March 30, 2023	Stockholder approval was obtained for transactions contemplated under the Sixth Amendment.
May 8, 2023	Company entered into a securities purchase agreement (Unsecured SPA) for $100.0 million aggregate principal amount of notes.
May 9, 2023	FFAI entered into an Amendment to ATW Notes and Warrants (Eighth Amendment).
May 10, 2023	Company received gross proceeds pursuant to the Unsecured SPA totaling $7.5 million ($6.8 million net of original issuance cost).
May 23, 2023	Company received gross proceeds pursuant to the Unsecured SPA totaling $7.5 million ($6.8 million net of original issuance cost).
May 31, 2023	The first phase of FF's three-phase delivery plan began.
June 26, 2023	The Unsecured SPA was amended (Amendment No. 1) regarding the delivery plan condition. Company entered into Unsecured SPA Joinder No.1 with Joinder Investor No.1 and Unsecured SPA Joinder No.2 with Senyun.
July 31, 2023	Mr. Adam (Xin) He tendered his resignation from the Board.
August 4, 2023	Mr. Lev Peker was appointed to the Board.
August 12, 2023	Company delivered the first FF 91 2.0 Futurist Alliance to its inaugural industry expert Developer Co-Creator.
August 17, 2023	The Board approved an amendment to the Incentive Plan to reflect the updated timing of the FF 91 2.0 Futurist Alliance phase two delivery.
September 16, 2023	Mr. Xuefeng Chen tendered his resignation from the Board and as Global CEO.
September 21, 2023	The Board appointed Mr. Mattias Aydt to succeed Mr. Chen as Global CEO and as a member of the Board.
September 29, 2023	Mr. Xuefeng Chen's resignation as Global CEO and Board member became effective. Mr. Mattias Aydt's appointment as Global CEO and Board member became effective.
October 10, 2023	Ms. Ke Sun tendered her resignation from the Board.
October 16, 2023	The Board reduced its size from seven to six members.
November 2023	Company entered the Middle East market, signing strategic cooperation agreements.
March 2024	Mr. XF Chen voluntarily terminated his employment with the Company.
April 9, 2024	Mazars USA LLP notified FFAI that it would resign as the Company's auditor effective May 31, 2024.
June 9, 2024	Ms. Li Han tendered her resignation from the Board.
June 20, 2024	The Board reduced its size from six to five members.
June 21, 2024	Macias Gini & OConnell LLP (MGO) was engaged as the independent registered public accounting firm for the Company.
July 1, 2024	Revised Company Law of the PRC became effective.
July 2024	Company introduced its Bridge Strategy, a two-brand approach with Faraday Future and Faraday X.
July 31, 2024	Stockholders approved an increase in the number of shares available for issuance under the 2021 SI Plan.
August 2, 2024	Company entered into a Waiver Agreement with certain investors.
August 9, 2024	Company and Palantir entered into an amendment to the Settlement and Release Agreement.
August 16, 2024	A 1-for-40 reverse stock split became effective.
August 29, 2024	Company entered into an Exchange Agreement with certain noteholders.
September 4, 2024	The Board approved changes to the compensatory arrangements of Mr. Aydt and Mr. Jia.
September 5, 2024	Company entered into a securities purchase agreement (SPA) for approximately $30 million.
September 12, 2024	The initial closing of the SPA occurred.
September 17, 2024	Mr. Koti Meka was appointed Chief Financial Officer.
September 30, 2024	The second closing of the SPA occurred.
November 2024	Faraday X finalized definitive agreements with leading Asian OEMs to support FX model development.
December 21, 2024	Company entered into a securities purchase agreement (December SPA) for approximately $30 million.
December 31, 2024	The initial closing of the December SPA occurred.
January 1, 2025	Through the filing date, the Company achieved key operational and financing milestones.
January 16, 2025	The closing price of Class A Common Stock was $1.53.
January 17, 2025	Faraday Future entered into a Settlement and Release Agreement with HSL s.r.l. The second closing of the December SPA occurred.
January 22, 2025	The final closing of the December SPA occurred.
January 28, 2025	Company entered into the September Letter Agreement and the December Letter Agreement.
February 2025	The consolidated class action lawsuit filed in Delaware was dismissed with prejudice.
March 2025	Jerry Wang was promoted to President. Company hosted FF Open AI Day. Future AIHER AI Hybrid Extended-Range Electric Powertrain System Inc. was incorporated. Total capital raised since September 2024 exceeded $100 million. Company secured approximately $41 million in March Financing. Nasdaq ticker symbol changed to 'FFAI'.
March 10, 2025	The Company's Nasdaq ticker symbol formally changed to 'FFAI'.
March 21, 2025	The Company entered into the March SPA (Signing Date) with certain institutional investors.
March 28, 2025	The Company entered into an Envisage Settlement and Release Agreement.
March 31, 2025	Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC.
April 4, 2025	The first closing of the March Financing occurred.
April 7, 2025	The closing price of Class A Common Stock was $1.08.
April 23, 2025	Yueting Jia, the Company's founder, was promoted to Global Co-Chief Executive Officer.
May 2025	Company entered a second B2B pre-order agreement with Sky Horse Auto LLC. Company announced securing non-binding fleet pre-orders totaling 1,300 FX Super One vehicles. Company began public road testing for FX prototype mules. Company confirmed FX Super One unveiling at launch events. Company initiated preparations for a flexible production line for FX models. Company confirmed FX6 model as a pipeline vehicle. Company highlighted FF 91's AI Hypercar differentiation. Company disclosed FF 91 met FMVSS and completed U.S. homologation. Company secured 600 additional B2B deposits for FX Super One. Company began deploying FF 91 AI and software technologies into the FX product line. Company expanded U.S. and Middle East operations. Company hosted its first Annual Stockholders' Day event. Company amended its March SPA. Company filed a Seventh Certificate of Amendment to its Certificate of Incorporation. Company filed a certificate of elimination for Series A Preferred Stock. Company filed two amendments to its Form S-1 registration statement.
May 9, 2025	Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2025, filed with the SEC.
May 15, 2025	The Company entered into a waiver and amendment agreement (SPA Waiver) with the March Investors.
May 24, 2025	Stockholders approved the issuance of up to 61.9 million shares of Class A Common Stock under the March 2025 Securities Purchase Agreement.
May 27, 2025	Global Co-CEO Yueting Jia and President Jerry Wang adopted SEC Rule 10b5-1 stock purchase plans.
May 28, 2025	The second closing of the March Financing occurred.
June 9, 2025	The Company issued a June Additional May 2023 Unsecured Note.
June 12, 2025	Mr. Koti Meka, Chief Financial Officer, adopted a Rule 10b5-1 trading plan.
June 18, 2025	Faraday & Future, Inc. entered into a settlement and release agreement (Cooper Settlement and Release Agreement) with Cooper Standard GmbH.
June 26, 2025	The Company received a Wells Notice from the staff of the SEC.
June 27, 2025	Jiawei (Jerry) Wang, Global President, received a Wells Notice from the SEC.
June 29, 2025	Private debut of the FX Super One.
June 30, 2025	YT Jia, Global Co-Chief Executive Officer, received a Wells Notice from the SEC.
July 11, 2025	The third closing of the March Financing occurred.
July 14, 2025	The Company entered into a securities purchase agreement (July SPA) for an aggregate purchase price of $82 million.
July 17, 2025	The Company publicly unveiled the FX Super One at a global launch event in Los Angeles. A noteholder exercised December Incremental Warrants to purchase $1,000,000 in principal amount of December Incremental Notes.
August 6, 2025	The Board approved temporary governance adjustments, excluding Global Co-CEO Yueting Jia from oversight of certain functions.
August 9, 2025	A noteholder exercised December Incremental Warrants to purchase $2,000,000 in principal amount of December Incremental Notes.
August 13, 2025	The Company's Board of Directors approved compensation adjustments for Koti Meka, Chief Financial Officer.
August 15, 2025	Faraday Future entered into a Settlement and Release Agreement (Bitron Settlement and Release Agreement) with Bitron, S.P.A.
August 16, 2025	CFO Koti Meka's base salary increase became effective. The Company announced its EAI + Crypto Dual-Flywheel & Dual-Bridge Ecosystem Strategy.
August 18, 2025	The Company entered into waiver and amendment agreements with certain July Investors.
August 19, 2025	Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2025, filed with the SEC.
August 21, 2025	The Company entered into an amendment agreement with certain July Investors. The Company filed Amendment No.1 to the Series B Certificate of Designation.
August 22, 2025	The initial closing of the July Financing completed. The Company issued an August Additional May 2023 Unsecured Note.
September 5, 2025	As of this date, 147,204,145 shares of Class A Common Stock and 6,667 shares of Class B Common Stock were outstanding. The closing price of Class A Common Stock was $1.81 per share.
September 10, 2025	The closing price of Class A Common Stock was $1.67 per share and the closing price of Public Warrants was $0.0541 per Public Warrant.
September 11, 2025	Registration Statement on Form S-1 filed with the Securities and Exchange Commission.

Recommendation

sell

The company faces severe headwinds, including ongoing SEC enforcement actions against key executives and the company itself, which could lead to significant penalties, management instability, and even delisting. The substantial number of shares registered for resale, coupled with the company's continuous need for financing, indicates significant potential for further dilution, which will likely depress the stock price. While there are product development efforts and some financing secured, the fundamental financial health (history of losses, going concern doubt) and regulatory risks, particularly concerning China operations and cryptocurrency investments, present a highly speculative and unfavorable investment profile. The current stock price of $1.67 is still vulnerable given these profound uncertainties.

Keywords

Faraday Future, FFAI, Electric Vehicles, EV, AI Mobility, SEC Filing, S-1, Convertible Notes, Warrants, Capital Raise, Dilution, Risk Factors, China Operations, Corporate Governance, SEC Investigation, FX Super One, FF 91, Cryptocurrency, Automotive Industry, Nasdaq, AIHER Powertrain

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