Sean Smart Limited, the second largest shareholder of Faraday Future (“Shiying Company”, a wholly-owned subsidiary of Evergrande Auto), submitted a 13D announcement to the US SEC, indicating that it has submitted a 13D announcement to the US SEC. The FFIE board of directors has issued two letters in a row, urging the holding of the extraordinary general meeting and the annual general meeting as soon as possible.
The company emphasized that FF Top, as a major shareholder of FFIE, has full rights to remove independent directors including Brian Krolicki and Susan Swenson in accordance with the shareholder agreement.
The content of the two letters disclosed by Shiying Company shows that the company wrote to the FF board of directors twice on August 24 and September 10, asking the other party to cooperate with the major shareholder (FF Top) to hold a special general meeting as soon as possible and complete it as soon as possible. Removal of relevant independent directors.
At the same time, they expressed strong dissatisfaction with the convertible note financing terms approved by the FF board of directors on August 25, which seriously diluted the interests of all shareholders, and the suspected deliberate delay in holding the special shareholders' meeting.
Jia Yueting, together with former Tesla executive Nick Sampson and Lotus China executive Nie Tianxin, co-founded Faraday Future in the United States in 2014. Headquartered in Gardena, California, in July 2021 Listed on the US stock market on the 22nd.
In 2020, Jia Yueting carried out a very beautiful operation, that is, he carried out debt restructuring, and used the equity and income of the FF company he held as trust property.
Then repay all the debts he owes with FF equity, thus turning these creditors into FF shareholders, and repaying the debt with his own FF shares. Since then, he is no longer in debt, nor is he a shareholder of FF, but after listing FF shares have plummeted all the way, and now there is only $1.06 (issue price $13.78).
Evergrande Group previously acquired 100% of the shares of Hong Kong Shiying Company for HK $6.746 billion, and indirectly obtained 45% of the shares of Smart King Company, becoming the company's largest shareholder.
Smart King was established by Hong Kong Shiying Company and FF's original shareholders represented by Jia Yueting in a joint venture mode. Shiying invested 2 billion US dollars to acquire 45% of the equity of the joint venture company, while the original FF shareholders invested with the technical assets and business owned by FF to obtain a joint venture. 33% stake in the company. Smart King wholly owns "FF America" and "FF Hong Kong", while the Guangzhou Nansha R&D and production base, which has attracted much attention, is wholly owned by FF Hong Kong.
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