The founder and former CEO of the troubled EV startup has been removed from his position as an executive officer.
The company said in a securities filing Thursday that YT will continue in his position as chief product officer and report to the executive chairperson. The role of YT will be limited to focusing on product and mobility, internet, and advanced R&D technology. The company said in the filing that he wouldn't be an executive officer.
It is not clear if the investigation will allow the company to file its annual report on time so that it can comply with the regulations of the stock exchange.
After merging with Property Solutions Acquisition Corp., Faraday Future became a publicly traded company in July 2021. An internal review conducted by a special committee of directors tapped the expertise of a forensic accounting firm and independent legal counsel.
As a result of its most recent findings, the board placed the senior vice president of business development and board member, Matthias Aydt, on a six-month period of executive officer status. He will not be an independent member of the board during his period. The company did not say who those employees were, but they will be disciplined and terminated from the company.
Jerry Wang, the company's VP of Global Capital Markets, resigned, according to the filing.
Several executives of the company were subpoenaed by the SEC as part of an investigation into inaccurate statements made to investors. An internal investigation by Faraday Future found that employees made inaccurate statements to investors and that the corporate culture failed to prioritize compliance.
Today's announcement is in addition to the earlier action.
The SEC is investigating a number of EV SPACs over the past 18 months.
All Rights Reserved © 2024
