Faraday Future Intelligent Electric Inc., a California-based global shared intelligent electric mobility ecosystem company, yesterday announced the appointment of Jonathan Maroko as Interim Chief Financial Officer (CFO), effective July 24, 2023, replacing Yun Han, who will continue in her role as the Company’s Chief Accounting Officer (CAO), effective July 5, 2023.
Prior to joining Faraday Future, Mr. Maroko has served as external CFO at several companies during their growth phase including Gladstein Neandross & Associates, Willow, Lifeforce A-Frame Brands, Kwell Labs and Arcadia Earth. Reporting to Mr. Xuefeng Chen, Global CEO of FF, Mr. Maroko brings over 17 years of investment and finance experience to the role of CFO, previously serving as Discretionary Global Macro Portfolio Manager at Mulholland Vista Capital Advisors, LLC, as an Investment Analyst at Vanadium Capital Management, and beginning his career as investment Banking Analyst at Bank of America Merrill Lynch. Mr. Maroko earned a Bachelor of Science in Business (Accounting and Finance) from Indiana University, Kelley School of Business.
With the appointment, FF has formed a finance and capital markets team consisting of Interim CFO Jonathan Maroko, CAO Yun Han, and recently joined Head of Finance Operations Edward (Ed) Darwick. This team will contribute to improving FF’s investment and financing management, internal controls, while enhancing financial operations.
“We are very excited to welcome Jonathan to our growing finance team and thank Yun for her continued contributions to FF as we are entering our next stage of product deliveries and a complete operational cycle,” said Xuefeng Chen, Global CEO of Faraday Future. “Jonathan brings a wealth of financial experience to the Company at this crucial period, the newly formed finance and capital market team will help the Company to strengthen the cash flow management, financial management, and Financial Planning & Analysis to support the rapid development of the Company’s business, which will help attract strategic investors and grow the Company as FF establishes a strong presence in the global EV marketplace.”
The Company also announced that the Audit Committee of the Company’s Board of Directors (the “Audit Committee”) determined, based on the recommendation of management that the Company’s previously issued financial statements included in the Company’s Annual Report on Form 10-K for the period ended December 31, 2022 and Quarterly Reports on Form 10-Q for the periods ended March 31, 2023 and September 30, 2022 (the “Affected Periods”) should no longer be relied upon due to errors identified in the Affected Periods primarily due to an error stemming from a non-cash and non-operating item related to the change in the fair value upon conversion of the notes issued under the Company’s Securities Purchase Agreements.
The Company is actively working on the restatements and expects to file restated financial statements for the Affected Periods on Form 10-K/A and Form 10-Q/A, as applicable, as soon as reasonably practical. Due to this restatement, the previously issued financial statements for the Affected Periods, as well as the relevant portions of any communication which describes or are based on such financial statements, should no longer be relied upon. The Company does not anticipate that the restatement of the previously issued financial statements for the Affected Periods will impact its previously announced FF 91 2.0 Futurist Alliance delivery timeline. The Company intends to hold a shareholder communication meeting next Monday after the close of market.
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