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Global automotive and technology company, Faraday Future (NASDAQ:FFIE) announced on Tuesday that the company has eliminated jobs and cut salaries in exchange for equity, among other cost cuts to conserve cash. The company also announced the resignation of interim CFO Becky Roof, effective immediately.
Management clarified that Roof’s resignation was not a result of any disagreement with its independent auditors or management. Faraday Future is continuing its search for a permanent CFO and expects to announce a new accounting chief, who will serve as interim CFO, in the near future.
The firm said its total expected cash burn from Sept. 1 to Dec. 31 is ~$100M-$150M and ~$515M-$565M for FY22. Financings announced so far can fund the estimated cash burn only partially. The firm is in talks to raise additional capital to fund 2022 and beyond.
Shares of FFIE are down 2.79% near end of day trading on Wednesday.
