Faraday Future Late Wednesday Announces Yun Han Named Chief Accounting Officer And Interim CFO, And Funding Progress, Initial Funding Expected This Week Under $60M Financing Agreement

Author: Benzinga Newsdesk | October 27, 2022 06:16am

- Yun Han named Chief Accounting Officer and Interim Chief Financial Officer -

- Initial Funding Expected This Week Under $60 Million Financing Agreement -

Faraday Future Intelligent Electric Inc. ("Faraday Future" or the "Company") (NASDAQ:FFIE), a California-based global shared intelligent electric mobility ecosystem company, today announced the appointment of Yun Han as Chief Accounting Officer and Interim Chief Financial Officer, effective October 25, 2022. Ms. Han replaces Becky Roof, who served as interim Chief Financial Officer until October 12, 2022, and is assisting the Company to ensure an orderly transition.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20221026006161/en/

Faraday Future today announced the appointment of Yun Han as Chief Accounting Officer and Interim Chief Financial Officer, effective October 25, 2022. (Photo: Business Wire)

Prior to joining Faraday Future, Ms. Han was Senior Vice President and Chief Accounting Officer at Romeo Power, Inc (NYSE:RMO). She was previously Vice President and Controller at Immunity Bio, Inc. (NASDAQ:IBRX), and held other senior accounting and finance positions at various companies. Earlier, she spent over 13 years with Price Waterhouse Coopers LLC's technical accounting and audit practice. She is a Certified Public Accountant licensed in the State of California and a graduate of the University of Southern California.

"I am pleased to welcome Ms. Han as our Chief Accounting Officer and interim Chief Financial Officer. Yun's background, training, and industry experience make her ideally suited to join the leadership team at Faraday Future. I look forward to working closely with her to further strengthen our finance and accounting team, and to raise the additional funds required to deliver on our promise to bring the FF 91 to market as quickly as possible," said Dr. Carsten Breitfeld, Global CEO of Faraday Future.

The Company also announced that it has received all of the previously announced $55 million financing (other than $5 million of additional bridge notes) from an affiliate of ATW Partners LLC as expected and anticipates receiving the first $10 million under the previously announced $60 million financing agreement this week. Certain additional proceeds are subject to the achievement of additional milestones and other factors as detailed in the Company's Form 8-K dated October 25, 2022. The Company filed a Form 8-K on October 26, 2022 which provides further information on the Company's current financial position.

The Company continues to work diligently to raise the additional funds needed to fund its operations through the start of production, first deliveries, and beyond. "Faraday Future appreciates the effort of our largest shareholder FF Top Holdings LLC along with the exceptional work of my fellow board member Bob Ye, both of whom were instrumental in securing these new funds which bring us closer to delivering the FF 91," said Dr. Breitfeld. "Our factory is nearing completion, our car is meeting or exceeding performance specifications, and when we bring the FF 91 Futurist to market, we will reset consumer expectations for what an intelligent TechLuxury car should be," continued Dr. Breitfeld.

Users can preorder an FF 91 Futurist via the FF Intelligent App or through our website (English): https://www.ff.com/us/preorder/ or (Chinese): https://www.ff.com/cn/preorder/

Download the new FF Intelligent App (English): https://apps.apple.com/us/app/id1454187098 or https://play.google.com/store/apps/details?id=com.faradayfuture.online, (Chinese): http://appdownload.ff.com

Posted In: FFIE IBRX RMO