other material
confidence high
sentiment neutral
materiality 0.65
Faraday Future issues Series A Preferred Stock with 3B votes to secure share authorization
FARADAY FUTURE INTELLIGENT ELECTRIC INC.
- One share of Series A Preferred Stock sold to Matthias Aydt for $100; carries 3,000,000,000 votes on share authorization proposal.
- Series A Preferred Stock votes in mirror proportion of common stock votes, effectively neutralizing abstentions on the proposal.
- September note investors agree not to convert at price below $5.24 until stockholder approval; true-up shares formula tied to VWAP floor of $1.048.
- December note investors agree not to convert at price below $1.16; post-approval conversion price adjusts to closing bid price if lower.
- Company exempted from issuing underlying shares if authorized stock is insufficient; must deliver after increasing authorized shares.