Faraday Future is facing yet another setback as its interim finance chief has resigned, leading to the company to announce the restatement of its financial statements for 2022 and the first quarter of 2023.
The company, which has hit several major bumps in the road on its way to starting production of the FF91 earlier this year, has appointed Jonathan Maroko as its new interim chief financial officer, effective July 24. Maroko replaces Yun Han, who will now serve as the chief accounting officer. (via Reuters)
In addition to the change in financial leadership, Faraday Future revealed that its annual report for 2022 and the quarters ending September 2022 and March 2023 “should no longer be relied upon” due to certain errors. These errors were specifically linked to the fair value conversion of certain notes that the company had issued.
Despite the need for restated financial statements, Faraday Future assured that its vehicle delivery timeline would not be affected.
This latest announcement adds to the ongoing challenges faced by Faraday Future. To mitigate its financial struggles, Faraday Future recently secured a $90 million funding commitment from existing investors and announced intentions to raise an additional $100 million in debt.