Gasgoo- Faraday Future announced it had received notice from the U.S. Securities and Exchange Commission (SEC) on March 19, Beijing time. The regulator has formally closed an investigation that spanned nearly five years, deciding not to impose penalties or take legal action against the company, its founder and Co-CEO Jia Yueting, or Global President Jerry.
Image Source: Faraday Future
The probe stemmed from issues related to FF’s merger with a SPAC. According to the company, the process subjected its financial compliance, information disclosure, and corporate governance to rigorous scrutiny.
FF views the outcome as a step toward clearing uncertainty around its strategic financing, partnerships, and talent acquisition. The company has devoted significant resources to cooperating with the investigation over the past five years; now, it can redirect that focus and capital back to execution. Moving forward, FF said it will push ahead with strategic financing while paving the way for government support, deeper partnerships, and the recruitment of talent in artificial intelligence.
Looking ahead, FF is launching an upgraded "Ten-Point Reform Package" to phase in improvements across strategy, finance, capital structure, and AI systems. The first phase targets stock price compliance: after receiving a notice from Nasdaq on March 20 granting a 180-day cure period, the company aims to regain compliance without a reverse stock split. Details for subsequent phases will be released in an open letter following board approval.
Founder Jia Yueting revealed that FF is preparing to relocate to Silicon Beach, where it will advance its strategic layout for EAI EVs and EAI robotics. Silicon Beach—a tech hub on Los Angeles’ west coast—hosts a cluster of technology firms and startups, along with a deep pool of AI talent and capital resources.
