Zhitong Financial APP learned that the future of Faraday ($Faraday Future Intelligent Electric Inc. (FFIE.US) $) said on Monday that production and delivery of the FF91 electric SUV, which was scheduled to go public this month, would be delayed to "the third or fourth quarter of 2022", adding that the company lacked cash flow and needed to raise additional funds.
Faraday Future worked with blank check company Property Solutions Acquisition Corp in July last year. (referred to as PSAC for short) merged listing. Faraday has promised to start producing and selling the FF91 electric SUV as early as 2018, but delivery has been repeatedly delayed. The company has previously said it plans to deliver the FF91 electric SUV as early as this month.
"the company needs additional funds to start the commercialization of FF91 and is seeking to raise additional funds to finance its operations as of December 31, 2022," Faraday said in a document on Monday. It is worth mentioning that Faraday has previously said that the company does not need additional capital before the listing of the FF91 Electric SUV. Faraday also said in the future that he hopes to raise 325 million US dollars.
On Monday, Faraday closed down 11.54% at $2.30 in the future. The stock is down about 57% so far this year.
Faraday's future delay in the delivery of the FF91 electric SUV comes at a time when the company is locked in a stalemate with founder Jia Yueting. In late June, a shareholder group associated with Jia Yueting called for the removal of a member of the company's board of directors. Faraday retorted in the future that the shareholder group had offered him a contract worth up to $700000 to force the independent director to resign.
On July 15, the shareholders said in a document that they had provided "at least $100m" to Faraday's future on the condition that the independent director resign. A few days later, shareholder groups accused Faraday of failing to treat the offer in the future "with due seriousness, urgency and fairness" based on its financial position.