Faraday Future Intelligent Electric
said on Thursday that several of its executives have voluntarily entered into salary deduction and stock purchase agreement plan.
The Los Angeles-based electric mobility ecosystem company said the executives agreed to use half of their salary during a three-month period to purchase the company’s stock. Those shares will be locked up for at least 180 days from their date of issuance.
Those participating in the plan include incoming chief executive Matthias Aydt and founder YT Jia.
“When viewing the company’s share performance, management believes that Faraday has been undervalued by the market and wants to showcase their commitment and belief in the company by entering into these agreements,” Faraday said.
Current CEO XF Chen, interim Chief Financial Officer Jonathan Maroko, Chief Accounting Officer Yun Han and others also entered into the agreement.
Faraday said earlier on Thursday that Aydt would step in as CEO effective Sept. 29.
The salary and stock purchase plan comes one day after the company said it had regained compliance with Nasdaq’s minimum bid price requirement of $1 after almost a year.
In a statement earlier this month, Faraday said it believed the company’s stock price was being manipulated.
“Faraday Future has recently observed a series of suspicious activities that the Company believes suggests a coordinated effort to undermine the company’s valuation through spreading misinformation and manipulating market sentiment,” Faraday said. The company said it would pursue legal action if it discovered illegal activity involving its shares.