Faraday Future to set special shareholder meeting, loses auditors

Embattled EV maker Faraday Future Intelligent Electric Inc. said Monday it has filed a revised preliminary proxy statement with the U.S. Securities and Exchange Commission ahead of a special shareholder meeting. Faraday Future, which last month announced another delay for its planned EV as it seeks to raise money to operate through the end of the year, has not yet set a date for the meeting. The company has alleged that a group of shareholders put out “a number of inaccurate and misleading statements” and that the proxy seeks to “correct the record.” In a separate filing Monday, Faraday Future said that PricewaterhouseCoopers LLP has notified the EV startup that it will not stand for re-election as the company’s independent accounting and, and effective immediately, it is no longer the company’s independent registered public accounting firm. PwC’s report on Faraday Future’s financial statements for fiscal years 2021 and 2020 contained a paragraph related to “substantial doubt” about Faraday Future’s ability to continue as a going concern. Faraday Future went public through a SPAC deal in July 2021 and earlier this year received a noncompliance notice from the Nasdaq relating to filing delays. The stock fell nearly 7% Monday, and so far this year has lost 73%, which compares with losses of around 15% for the S&P 500 index. .

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.