Faraday Future Soars 9.5% After Announcing Executives' Common Stock Purchases
Faraday Future announced that its Global CEO, Matthias Aydt, and Founder and Chief Product and User Ecosystem Officer of FF, YT Jia, purchased shares of the Company’s Class A common stock in September, in an aggregate amount of 10,455 shares for $35,799.
U.S.-listed shares of Faraday Future gained 9.5% in premarket trading.
These stock purchases were made pursuant to the previously disclosed Salary Deduction and Stock Purchase Agreements. Both Mr. Aydt and Mr. Jia each have notified the Company that he intends to use a portion of his base salary (equal to approximately 64% of his initial pro-rated $550,000 base salary for Mr. Aydt and approximately 56% of his initial pro-rated $612,000 base salary for Mr. Jia, in each case after-tax) to purchase shares of the Company’s Class A common stock pursuant to the previously disclosed Salary Deduction and Stock Purchase Agreements over the three-month period of September through November 2024. Executives may choose, during an open trading window, to extend their share purchase commitment. The shares are restricted from resale for 180 days.
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