YT Jia, Founder and Co-CEO of Faraday Future, along with Jerry Wang, the company's Global President, have initiated 10b5-1 Stock Purchase Plans.
In a substantial move, Faraday Future Intelligent Electric Inc. (NASDAQ: FFAI) - a California-based global shared intelligent electric mobility ecosystem company - announced today that its Founder and Co-CEO, YT Jia, and FF Global President, Jerry Wang, have entered into 10b5-1 executive stock purchase plans.
As per SEC compliance rules, these plans will be subjected to a 90-day cooling-off period following their initiation on May 23, 2025. After this period, their broker will automatically execute the stock purchases as outlined in the plans.
YT Jia plans to invest $1.2 million of his signing bonus into purchasing $560,000 worth of FF common stock, while Jerry Wang has planned for $50,000 worth of share purchases during the same timeframe. The first trade window is scheduled to open on or around August 25, 2025.
In an attempt to strengthen their commitment to the Company's future, both executives have also made non-binding commitments to not terminate or amend their 10b5-1 plans once effective.
Speaking about the move, YT expressed, "These planned stock purchases reflect our continued confidence in FF's long-term vision and commitment to our mission." Jerry Wang added, "We are taking a proactive step to align our personal interests with those of our stockholders and reinforce our dedication to the Company's future."
Established in 2014, Faraday Future aims to disrupt the automotive industry by providing a user-centric, technology-first, and smart driving experience. Its flagship model, the FF91, typifies its vision for luxury, innovation, and performance. The FX strategy, on the other hand, aims to introduce mass production models equipped with state-of-the-art luxury technology, targeting a broader market with middle-to-low price range offerings.
However, it is essential to consider the associated risks involved in these transactions, including potential restrictions on volume sales, suspension of purchases due to regulatory or contractual issues, and compliance with Rule 10b5-1 or other applicable securities laws.
Cloud technology plays a significant role in Faraday Future's mission, as it likely facilitates the company's intelligent mobility ecosystem. YT Jia's and Jerry Wang's 10b5-1 executive stock purchase plans demonstrate their commitment to the company's financial performance, with Jia planning to invest $1.2 million and Wang $50,000 worth of shares. The news of these planned purchases aligns with their expressed dedication to the business and reinforces their confidence in the company's long-term vision.
