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Faraday Future Reaches Agreement with FF Top, Chairperson to Step Down

The shares of the company increased 30 per cent in trading before the bell.

On Monday, Faraday Future Intelligent Electric Inc reported that it had reached an agreement with its largest shareholder to resolve a governance dispute. It further said that Sue Swenson would step down as executive chairperson.

Los Angeles-based technology company said it had raised USD 100 million to start the production of its FF 91 electric luxury car. It also reported that Brian Krolicki would also step down from Faraday Future’s board.

The shares of the company increased 30 per cent in trading before the bell. Earlier in September, shareholder FF Top Holding sued Faraday Future, seeking the removal of two board members, according to a court filing.

Some of the company employees had called on the board and shareholders to remove Swenson, alleging that the executive chairperson had organised attempts to push the company into bankruptcy and restructuring.

Founded in 2014, Faraday Future has been combating high costs and supply-chain disruptions that have delayed the production of its FF 91 to the fourth quarter of 2022.

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