Faraday Future stockholders approve proposals to boost financial stability

Faraday Future Intelligent Electric Inc. (NASDAQ: FFAI) announced that stockholders approved all proposals at its annual meeting held May 22, according to a company statement.

The approved measures include a 45% increase in authorized shares, from 336.4 million to 487.7 million total authorized shares of common and preferred stock. Stockholders also approved a potential reverse stock split of up to 1-for-150, which the company states would only be implemented if necessary to maintain Nasdaq listing requirements.

The company secured $70 million in financing over the past two months, including a $45 million notes purchase agreement with an institutional investor in April. The financing is intended to support what Faraday Future calls its "Phase 1" robotics strategy through 2026.

Faraday Future raised its full-year shipment target from 1,000 to 1,500 units and plans to launch a new robotics product in June. The company describes itself as focusing on humanoid and bionic robots for applications including education, security, and university research.

Five directors were elected to serve until the 2027 annual meeting: Jerry Wang, Xiao Jiang, Chad Chen, Kevin Chen, and Lev Peker.

The stockholders also approved an amendment to increase shares available under the company's 2021 stock incentive plan by 50.5 million shares and authorized the issuance of common stock to holders of certain promissory notes and preferred stock.

"We are pleased with the overwhelming support from our stockholders," said YT Jia, the company's founder and CEO, according to the statement.

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