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As previously reported by Faraday Future Intelligent Electric Inc., a Delaware corporation (the "Company"), in its Current Report on From 8-K filed with the Securities and Exchange Commission ("SEC") on October 10, 2023, Ke Sun, a member of the Board of Directors (the "Board") of the Company notified the Board that she has resigned as a director of the Company effective immediately. In connection with Ms. Sun's resignation, and to comply with Nasdaq Listing Rule 5605(b)(1)(A), on October 11, 2023, the Company notified The Nasdaq Stock Market LLC ("Nasdaq") that the Company was no longer in compliance with Nasdaq's independent requirements as set forth in Listing Rule 5605 as the Board was not comprised of a majority of independent directors as required by Nasdaq Listing Rule 5605(b)(1).
On October 16, 2023, the Board determined that in addition to Mr. Chad Chen, Mr. Jie Cheng, and Mr. Lev Peker, each of whom is an independent director, Ms. Li Han is independent as defined by Nasdaq Listing Rule 5605. In addition, the Board voted to reduce the size of the Board from seven to six members, effective immediately. As a result of such reduction, there are currently no vacancies on the Board.
With the determination of Ms. Han as independent, the Company has regained compliance with Nasdaq Listing Rule 5605(b)(1) within the standard grace period for achieving such compliance and the matter is now resolved.
Posted In: FFIC
