Market Newsdesk

JBT Corporation Completes Settlement of its Voluntary Takeover Offer of Marel hf. and Commences Trading as JBT Marel Corporation

CHICAGO–(BUSINESS WIRE)–
JBT Marel Corporation (NYSE and Nasdaq Iceland: JBTM), a leading global technology solutions provider to high-value segments of the food and beverage industry, today announced JBT Corporation’s completion of the settlement of its voluntary takeover offer to acquire all issued and outstanding shares of Marel hf. (Marel) that were validly tendered by Marel shareholders prior to the expiration of the voluntary takeover offer on December 20, 2024, at 12:00 PM GMT.

Additionally, shares of the combined company, JBT Marel Corporation, began trading today under the new stock ticker symbol “JBTM” on both the New York Stock Exchange (NYSE) and Nasdaq Iceland hf (Nasdaq Iceland).

“Today is a significant achievement, culminating in over a year of dedicated effort to combine the complementary strengths of both JBT and Marel,” said Brian Deck, Chief Executive Officer of JBT Marel Corporation. “The creation of JBT Marel Corporation is guided by our shared purpose, to transform the future of food. With JBT Marel’s diverse solutions offering, enhanced operational scale, and deep application, service and digital expertise, we can better support our customers and the broader global food chain.”

“I want to extend my appreciation to the JBT and Marel teams for their relentless commitment to serving our customers as well as their incredible efforts to complete this transformational merger,” said Árni Sigurdsson, President of JBT Marel Corporation. “As we move forward, united as JBT Marel, we are focused on integrating the businesses to deliver continuity and enhanced value to our global customers, shareholders, and other stakeholders.”

JBT Marel Management and Board Composition

As previously announced, Brian Deck is Chief Executive Officer of JBT Marel, and Árni Sigurdsson is President of the Company. In addition to Brian Deck and Árni Sigurdsson, JBT Marel will be led by a purpose-built management team comprised of executives from both JBT and Marel organizations.

The Board of Directors will continue to include Alan Feldman as Chairman, Barbara Brasier, Brian Deck, Charles Harrington, Lawrence Jackson, and Polly Kawalek. Newly appointed directors include Svafa Grönfeldt, Olafur Gudmundsson, Arnar Þór Másson, and Ann Savage. Additionally, C. Maury Devine, former JBT Board member, has chosen to retire, effective upon settlement of the voluntary takeover offer.

Update on Squeeze Out Process and Marel Shares Delisting

In connection with the settlement of the voluntary takeover offer, JBT Marel has commenced a compulsory acquisition of all shares in Marel that are not already owned by JBT Marel in accordance with Icelandic law, as further described in a notice sent to the remaining Marel shareholders on January 2, 2025. JBT Marel expects to complete and settle the compulsory acquisition in February 2025.

In addition, Euronext Amsterdam N.V. (Euronext Amsterdam) and Nasdaq Iceland have approved Marel’s requests to delist its shares from Euronext Amsterdam and Nasdaq Iceland. The last day of trading of Marel shares on the respective exchanges is today, January 3, 2025.

NYSE and Nasdaq Iceland Bell Ringing Ceremonies

To celebrate the combined company, JBT Marel will ring the opening bell on the NYSE on Monday, January 6, 2025. JBT Marel will also ring the closing bell on Nasdaq Iceland on Tuesday, January 7, 2025.

Upcoming Earnings Results

In late February 2025, JBT Marel expects to report standalone JBT financial results for the fourth quarter and full year 2024. At that time in late February, JBT Marel also expects to provide an update on the combined company’s financials, including the 2025 outlook.

Transaction Advisors

Goldman Sachs Co LLC acted as JBT’s financial advisor, and Kirkland & Ellis LLP and LEX served as JBT’s legal counsel. Arion banki hf. acted as JBT’s lead manager for the Icelandic offer and advised on the Icelandic listing, and ABN AMRO Bank N.V. acted as JBT’s Euronext Amsterdam Exchange agent.

JP Morgan acted as Marel’s financial advisor, and Baker McKenzie, BBA/Fjeldco, and Osborne Clarke served as Marel’s legal counsels.

Forward Looking Statements

This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are information of a non-historical nature and are subject to risks and uncertainties that are beyond JBT Marel’s ability to control. These forward-looking statements include, among others, statements relating to our business combination with Marel. The factors that could cause our actual results to differ materially from expectations include, but are not limited to, the following factors: the risk that the combined company may be unable to achieve cost-cutting synergies or that it may take longer than expected to achieve those synergies; fluctuations in our financial results; unanticipated delays or accelerations in our sales cycles; deterioration of economic conditions, including impacts from supply chain delays and reduced material or component availability; inflationary pressures, including increases in energy, raw material, freight and labor costs; disruptions in the political, regulatory, economic and social conditions of the countries in which we conduct business; changes to trade regulation, quotas, duties or tariffs; fluctuations in currency exchange rates; changes in food consumption patterns; impacts of pandemic illnesses, food borne illnesses and diseases to various agricultural products; weather conditions and natural disasters; the impact of climate change and environmental protection initiatives; acts of terrorism or war, including the ongoing conflicts in Ukraine and the Middle East; termination or loss of major customer contracts and risks associated with fixed-price contracts, particularly during periods of high inflation; customer sourcing initiatives; competition and innovation in our industries; our ability to develop and introduce new or enhanced products and services and keep pace with technological developments; difficulty in developing, preserving and protecting our intellectual property or defending claims of infringement; catastrophic loss at any of our facilities and business continuity of our information systems; cyber-security risks such as network intrusion or ransomware schemes; loss of key management and other personnel; potential liability arising out of the installation or use of our systems; our ability to comply with U.S. and international laws governing our operations and industries; increases in tax liabilities; work stoppages; fluctuations in interest rates and returns on pension assets; a systemic failure of the banking system in the United States or globally impacting our customers’ financial condition and their demand for our goods and services; availability of and access to financial and other resource; and other factors described under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in JBT Marel’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) and in any subsequently filed Quarterly Reports on Form 10-Q. JBT Marel cautions shareholders and prospective investors that actual results may differ materially from those indicated by the forward-looking statements. JBT Marel undertakes no obligation to publicly update or revise any forward-looking statements whether as a result of new information, future developments, subsequent events or changes in circumstances or otherwise.

Important Notices

This release is not intended to and does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. In particular, this release is not an offer of securities for sale in the United States, Iceland, the Netherlands or Denmark.

Important Additional Information

No offer of JBT Marel securities shall be made except by means of a prospectus, or an exemption from a prospectus, meeting the requirements of the applicable European regulations, including the Icelandic Prospectus Act no. 14/2020. In connection with the offering of JBT Marel shares to the shareholders of Marel, JBT filed with the Financial Supervisory Authority of the Central Bank of Iceland (the “FSA”) a prospectus which has been approved by the FSA. You may obtain a free copy of the prospectus on the FSA’s website at www.fme.is and on JBT Marel’s website at https://www.jbtc.com/jbt-marel-offer-launch/.

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Investors & Media:

[email protected]

+1 (312) 861-5784

KEYWORDS: Illinois United States North America

INDUSTRY KEYWORDS: Technology Transport Manufacturing Machinery Food/Beverage Logistics/Supply Chain Management Retail Supply Chain Management Food Tech

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Posted on January 3, 2025 6:33 am

Trane Technologies Completes Acquisition of BrainBox AI

Trane Technologies Completes Acquisition of BrainBox AI

SWORDS, Ireland–(BUSINESS WIRE)–
Trane Technologies (NYSE: TT), a global climate innovator, announced that it has completed the acquisition of BrainBox AI, a pioneer in autonomous HVAC controls and generative Artificial Intelligence (AI) building technology. The acquisition was previously announced in a press release on December 18, 2024.

BrainBox AI uses advanced deep learning algorithms to predict building energy needs and automate HVAC systems, thus reducing energy consumption by up to 25% and reducing greenhouse gas (GHG) emissions by up to 40%. The acquisition builds on the companies’ existing collaboration and combines BrainBox AI’s leading Artificial Intelligence technology with Trane Technologies’ advanced building management and digital capabilities to meet fast-growing demand for sustainable, autonomous building solutions.

“We are delighted to officially welcome BrainBox AI associates as we further expand upon our companies’ complementary capabilities, technology and offerings,” said Riaz Raihan, senior vice president and Chief Digital Officer of Trane Technologies. “We look forward to bringing our teams and technologies closer together as we help customers meet their business and sustainability goals through the power of AI and smart building technologies.”

About Trane Technologies

Trane Technologies is a global climate innovator. Through our strategic brands Trane® and Thermo King®, and our environmentally responsible portfolio of products and services, we bring efficient and sustainable climate solutions to buildings, homes, and transportation. Learn more at tranetechologies.com.

About BrainBox AI

Founded in 2017, BrainBox AI was created to address the dilemma currently facing the built environment: its energy consumption and significant contribution to climate change. As innovators of the global energy transition, BrainBox AI’s game-changing HVAC technology leverages autonomous AI to make buildings smarter, greener, and more efficient. Working together with trusted global partners, BrainBox AI supports real estate clients in various sectors, including office buildings, hotels, commercial retail, grocery stores, airports, and more. Headquartered in Montreal, Canada, a global AI hub, our workforce of over 190 employees, bring with them talent from all sectors with the common thread of being in business to heal our planet. For more information visit: brainboxai.com.

Forward-Looking Statements

This news release includes “forward-looking statements” within the meaning of securities laws, which are statements that are not historical facts, including statements that relate to the acquisition of BrainBox AI and the anticipated impact of the transaction on the Company’s strategic initiatives and sustainability commitments. These forward-looking statements are based on our current expectations and are subject to risks and uncertainties, which may cause actual results to differ materially from our current expectations. Factors that could cause such differences can be found in our Form 10-K for the year ended December 31, 2023, as well as our subsequent reports on Form 10-Q and other SEC filings. New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect the Company. We assume no obligation to update these forward-looking statements.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250103048680/en/

Media Contact:

Travis Bullard

+1 919-802-2593

[email protected]

Investors Contact:

Zachary Nagle

+1-704-990-3913

[email protected]

KEYWORDS: North Carolina Ireland United States United Kingdom Canada North America Europe

INDUSTRY KEYWORDS: Environment Commercial Building & Real Estate Technology Construction & Property Climate Change Building Systems Sustainability Green Technology Artificial Intelligence

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Nu Skin Enterprises Announces Strategic Transaction of Mavely for $250 Million

PROVO, Utah–(BUSINESS WIRE)–
Nu Skin Enterprises Inc. (NYSE: NUS) today announced that its Rhyz Inc. subsidiary completed a strategic transaction with Later, a portfolio company of Summit Partners. As part of the transaction, Rhyz sold its Mavely affiliate marketing technology platform to Later in exchange for approximately $250 million in the form of cash and a minority equity stake in the combined Later/Mavely business. Approximately $33 million of such consideration will be paid to other equity holders in the Mavely business. In connection with the transaction, Mavely is expected to continue to provide certain technology and social commerce capabilities to support Nu Skin’s affiliate marketing business.

“Together, we believe Later and Mavely will provide enhanced capabilities to our company as we pursue our broader beauty, wellness and lifestyle ecosystem vision, while the transaction generates additional capital and resources for us to increase innovation in our core Nu Skin business and investment in our Rhyz companies,” said Ryan Napierski, Nu Skin president and CEO. “This underscores the value of Rhyz to incubate and scale meaningful businesses with synergistic value across the enterprise.”

This transaction generated an approximate five-times return on the company’s cumulative investment in Mavely since it was acquired in 2021. Proceeds from the transaction are expected to be used to pay down debt and fund additional innovation. The company also plans to use its strengthened balance sheet to buy back stock under its existing stock repurchase program, providing value to its shareholders.

Evercore Group LLC acted as exclusive financial advisor and Simpson Thacher & Bartlett LLP acted as legal counsel to Nu Skin Enterprises.

About Nu Skin Enterprises and Rhyz

The Nu Skin Enterprises Inc. (NYSE: NUS) family of companies includes Nu Skin and Rhyz Inc. Nu Skin is an integrated beauty and wellness company, powered by a dynamic affiliate opportunity platform, which operates in nearly 50 markets worldwide. Backed by 40 years of scientific research, the company’s products help people look, feel and live their best with brands including Nu Skin® personal care, Pharmanex® nutrition and ageLOC® anti-aging, which includes an award-winning line of beauty device systems. Formed in 2018, Rhyz is a synergistic ecosystem of consumer, technology and manufacturing companies focused on innovation within the beauty, wellness and lifestyle categories.

Important Information Regarding Forward-Looking Statements: This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that represent the company’s current expectations and beliefs. All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws and include, but are not limited to, statements regarding the consideration to be retained by the company and its subsidiaries relating to the transaction, statements of management’s expectations regarding achievement of the company’s vision, the future performance and capabilities of the combined Later/Mavely business, the benefits of the continuing commercial services arrangement with Mavely, and planned uses of cash. In some cases, you can identify these statements by forward-looking words such as “will,” “plan,” “believe,” “achieve,” “expect,” and “anticipate,” the negative of these words and other similar words.

The forward-looking statements and related assumptions involve risks and uncertainties that could cause actual results and outcomes to differ materially from any forward-looking statements or views expressed herein. These risks and uncertainties include, but are not limited to, the following:

• the net proceeds to be retained by the company and its subsidiaries in connection with the closing of the transaction are subject to adjustments as set forth in the Unit Purchase Agreement in relation thereto, including post-closing determination of working capital and other elements of the purchase price, which may reduce the amount of consideration to be retained by the company and its subsidiaries;
• risk that the Mavely and Later businesses may encounter difficulties integrating their businesses or achieving the synergies that are anticipated from the transaction, or risks associated with not providing services to the company as currently anticipated;
• any failure of current or planned initiatives or products to generate interest among the company’s sales force and customers and generate sponsoring and selling activities on a sustained basis;
• risk that direct selling laws and regulations in any of the company’s markets, including the United States and Mainland China, may be modified, interpreted or enforced in a manner that results in negative changes to the company’s business model or negatively impacts its revenue, sales force or business, including through the interruption of sales activities, loss of licenses, increased scrutiny of sales force actions, imposition of fines, or any other adverse actions or events;
• economic conditions and events globally;
• competitive pressures in the company’s markets;
• risk that epidemics, including COVID-19 and related disruptions, or other crises could negatively impact our business;
• adverse publicity related to the company’s business, products, industry or any legal actions or complaints by the company’s sales force or others;
• political, legal, tax and regulatory uncertainties, including trade policies, associated with operating in Mainland China and other international markets;
• uncertainty regarding meeting restrictions and other government scrutiny in Mainland China, as well as negative media and consumer sentiment in Mainland China on our business operations and results;
• risk of foreign-currency fluctuations and the currency translation impact on the company’s business associated with these fluctuations;
• uncertainties regarding the future financial performance of the businesses the company has acquired;
• risks related to accurately predicting, delivering or maintaining sufficient quantities of products to support planned initiatives or launch strategies, and increased risk of inventory write-offs if the company over-forecasts demand for a product or changes its planned initiatives or launch strategies;
• regulatory risks associated with the company’s products, which could require the company to modify its claims or inhibit its ability to import or continue selling a product in a market if the product is determined to be a medical device or if the company is unable to register the product in a timely manner under applicable regulatory requirements; and
• the company’s future tax-planning initiatives, any prospective or retrospective increases in duties or tariffs on the company’s products imported into the company’s markets outside of the United States, and any adverse results of tax audits or unfavorable changes to tax laws in the company’s various markets.

The company’s forward-looking statements contained herein are further qualified by a detailed discussion of associated risks set forth in the documents filed by the company with the Securities and Exchange Commission. The forward-looking statements set forth the company’s beliefs as of the date that such information was first provided, and the company assumes no duty to update the forward-looking statements contained in this release to reflect any change except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250103519791/en/

Media: [email protected], (801) 345-6397

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KEYWORDS: Utah United States North America

INDUSTRY KEYWORDS: Men Other Retail Lifestyle Specialty Consumer Cosmetics Fitness & Nutrition Retail Other Consumer Women Vitamins/Supplements Health

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Banc of California Announces Schedule of Fourth Quarter 2024 Earnings Release and Conference Call

LOS ANGELES–(BUSINESS WIRE)–Banc of California, Inc. (the “Company”) (NYSE: BANC) today announced it will release financial results for the fourth quarter and fiscal year ended December 31, 2024 on Thursday, January 23, 2025. The Company will host a conference call to discuss these financial results at 10:00 a.m. Pacific Time (PT) on the same day.

Interested parties are welcome to attend the conference call by dialing (888) 317-6003 and referencing event code 4964279. A link to the live audio webcast and the slide presentation for the call will be available on the Company’s investor relations website prior to the call. An audio archive of the conference call will be available on the Company’s investor relations website within 24 hours after the end of the call.

About Banc of California, Inc.

Banc of California, Inc. (NYSE: BANC) is a bank holding company with over $33 billion in assets and the parent company of Banc of California. Banc of California is one of the nation’s premier relationship-based business banks, providing banking and treasury management services to small-, middle-market, and venture-backed businesses. Banc of California is the third largest bank headquartered in California and offers a broad range of loan and deposit products and services through 80 full-service branches located throughout California and in Denver, Colorado, and Durham, North Carolina, as well as through regional offices nationwide. The bank also provides full-stack payment processing solutions through its subsidiary, Deepstack Technologies, and serves the Community Association Management industry nationwide with its technology-forward platform, SmartStreet ™ . The bank is committed to its local communities by supporting organizations that provide financial literacy and job training, small business support, affordable housing, and more. For more information, please visit us at www.bancofcal.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250103356616/en/

Investor Relations Inquiries:

Banc of California, Inc.

(855) 361-2262

Jared Wolff, (310) 424-1230

Joe Kauder, (310) 844-5224

Ann DeVries, (646) 376-7011

Media Contact:

Debora Vrana, Banc of California

(213) 533-3122

[email protected]

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Banking Professional Services Finance

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CBRE Group Completes Turner & Townsend/Project Management Combination; Vincent Clancy Joins CBRE Board of Directors

DALLAS–(BUSINESS WIRE)–
CBRE Group, Inc. (NYSE:CBRE) today announced that it has completed its plan to combine its project management business with Turner & Townsend, its majority-owned subsidiary, and that Vincent Clancy, Board chair and chief executive officer of Turner & Townsend, has joined CBRE’s Board of Directors.

Turner & Townsend provides program management, cost consultancy and project management services globally, and has been a majority-owned subsidiary of CBRE since 2021.

Clancy, a 35-year veteran of Turner & Townsend, has served as its chief executive officer since 2008 and its Board chair since 2015. Under Clancy’s leadership, Turner & Townsend’s revenue has increased from about $225 million in 2008 to more than $1.9 billion in 2023.

“Our unified project management business represents an offering that is unmatched for its scale and breadth of capabilities. Under Vincent’s exemplary leadership, it is poised to benefit from powerful secular trends in areas like infrastructure, green energy transition and employee experience,” said Bob Sulentic, CBRE’s chair and chief executive officer.

“Our Board will benefit greatly from the insights Vincent has developed from running a highly successful global business and his deep knowledge of key growth sectors for CBRE,” Sulentic added.

Clancy said: “The strong momentum we’ve built over the past three years will continue to grow now that we’ve combined two great businesses into one integrated, pure play project management capability. Our combined depth of talent and resources, global footprint, sector expertise and commitment to excellence is unparalleled in program and project management. I’m also energized to join CBRE’s Board and look forward to working with my fellow Directors as we build a resilient, highly diversified business that is second to none in our industry.”

Clancy joined Turner & Townsend in 1989, after earning a degree in construction economics from South Bank University. He assumed responsibility for Turner & Townsend’s United Kingdom cost management business in 2000 and for its international business in 2005, prior to his elevation to chief executive officer in 2008.

Clancy was named Building magazine’s CEO of the Year in both 2014 and 2017. He is a Chartered Member of the Royal Institute of Surveyors and serves as an industry advisor to the Construction Leadership Council.

CBRE now owns 70% of the combined Turner & Townsend/CBRE Project Management business. Since becoming a majority-owned subsidiary of CBRE in November 2021, Turner & Townsend’s revenue has increased at a compound annual rate of more than 20%.

Beginning this year, CBRE will report Project Management results in its own standalone business segment, providing increased transparency for investors.

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2023 revenue). The company has more than 130,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com. We routinely post important information on our website, including corporate and investor presentations and financial information. We intend to use our website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Such disclosures will be included in the Investor Relations section of our website at https://ir.cbre.com. Accordingly, investors should monitor such portion of our website, in addition to following our press releases, Securities and Exchange Commission filings and public conference calls and webcasts.

About Turner & Townsend

Turner & Townsend is a global professional services company with over 20,000 people in over 60 countries. Collaborating with our clients across real estate, infrastructure and natural resources sectors, the company specializes in major programs, program management, cost and commercial management, net zero and digital solutions. Turner & Townsend is majority-owned by CBRE Group, Inc., the world’s largest commercial real estate services and investment firm, with its partners holding a significant non-controlling interest. www.turnerandtownsend.com

Forward-Looking Statements

Certain of the statements in this release regarding the combined CBRE Project Management and Turner & Townsend businesses that do not concern purely historical data are forward-looking statements within the meaning of the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. The words “anticipate,” “expect,” “intends,” “plan,” “will” and similar terms and phrases are used in this release to identify forward-looking statements. Forward-looking statements are made based on our management’s expectations and beliefs concerning future events affecting us, including the expected benefits of the combination, and are subject to uncertainties and factors relating to our operations and business environment, all of which are difficult to predict and many of which are beyond our control. Accordingly, actual performance, results and events may vary materially from those indicated in forward-looking statements, and you should not rely on forward-looking statements as predictions of future performance, results or events. Numerous factors could cause actual future performance, results and events to differ materially from those indicated in forward-looking statements, including, but not limited to, the successful operation of the combined business, future demand for Project Management services, as well as other risks and uncertainties discussed in our filings with the U.S. Securities and Exchange Commission (SEC). Any forward-looking statements speak only as of the date of this release. We assume no obligation to update forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information, except to the extent required by applicable securities laws. If we do update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements. For additional information concerning factors that may cause actual results to differ from those anticipated in the forward-looking statements and other risks and uncertainties to our business in general, please refer to our SEC filings, including our Form 10-K for the fiscal year ended December 31, 2023 and Form 10-Q for the quarter ended September 30, 2024. Such filings are available publicly and may be obtained from our website at www.cbre.com or upon request from the CBRE Investor Relations Department at [email protected].

View source version on businesswire.com: https://www.businesswire.com/news/home/20250102076560/en/

For further information:

Chandni Luthra – Investors

212.984.8113

[email protected]

Steve Iaco – Media

212.984.6535

[email protected]

KEYWORDS: Texas United States North America

INDUSTRY KEYWORDS: Commercial Building & Real Estate Construction & Property Finance Banking REIT Business Professional Services Asset Management Residential Building & Real Estate

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Unlocking the Future of Thermal Imaging with Superior Sensitivity, AI Power, Privacy Protection, and Affordable Pricing

Faraday Future to Announce FX Business Strategy Update and New Product Details on January 8, 2025 in Las Vegas, NV

• Latest Faraday X (FX) strategy developments, including timing and segment information and next steps for the FX brand will be announced.

• FX prototype mules will be shown in Las Vegas, NV next week and have kicked off the product development and U.S. regulatory testing phase for the Company.

LOS ANGELES–(BUSINESS WIRE)–
Faraday Future Intelligent Electric Inc. (Nasdaq: FFIE) (“FF”, “Faraday Future”, or the “Company”), a California-based global shared intelligent electric mobility ecosystem company, today announced that it will release a video on January 8, 2025, that will outline recent developments in its Faraday X (FX) brand and product details since the launch on September 19, 2024, including the latest developments, timing and segment information, and next steps. The video will be broadcast on January 8, 2025, on FF.com, the FF App and social media accounts of FF, FX and YT Jia at 5:00 p.m. Pacific Standard Time, and will then be included in an archive on the Investor Relations portion of the Company’s website at www.ff.com.

The FX brand is accelerating its efforts to deliver “twice the performance at half the price” AIEV products to U.S. consumers and is advancing toward the goal of delivering performance- and technology-capable EVs at an affordable price point.

The FX prototype mules arrived in Los Angeles at the end of December 2024 and have begun their product development and testing in the U.S., and will make a stop in Las Vegas, NV from January 5-7.

For Media: If you are interested in seeing the FX models and learning more about the FX strategy from Company executives, please reach out to John Schilling at [email protected].

ABOUT FARADAY FUTURE

Faraday Future is the pioneer of the Ultimate AI TechLuxury ultra spire market in the intelligent EV era, and the disruptor of the traditional ultra-luxury car civilization epitomized by Ferrari and Maybach. FF is not just an EV Company, but also a software-driven intelligent internet Company. Ultimately FF aims to become a User Company by offering a shared intelligent mobility ecosystem. FF remains dedicated to advancing electric vehicle technology to meet the evolving needs and preferences of users worldwide, driven by a pursuit of intelligent and AI-driven mobility.

FORWARD LOOKING STATEMENTS

This press release includes “forward looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements, which include statements regarding FX product development and testing, and accelerating development efforts, are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements.

Important factors, among others, that may affect actual results or outcomes include, among others: potential unforeseen delays regarding the customs clearing process for the prototype mules; the Company’s ability to secure the necessary funding to execute on the FX strategy, which will be substantial; the Company’s ability to secure additional agreements with OEMs that are necessary to execute on the FX strategy; the Company’s ability to continue as a going concern and improve its liquidity and financial position; the Company’s ability to pay its outstanding obligations; the Company’s ability to remediate its material weaknesses in internal control over financial reporting and the risks related to the restatement of previously issued consolidated financial statements; the Company’s limited operating history and the significant barriers to growth it faces; the Company’s history of losses and expectation of continued losses; the success of the Company’s payroll expense reduction plan; the Company’s ability to execute on its plans to develop and market its vehicles and the timing of these development programs; the Company’s estimates of the size of the markets for its vehicles and cost to bring those vehicles to market; the rate and degree of market acceptance of the Company’s vehicles; the Company’s ability to cover future warranty claims; the success of other competing manufacturers; the performance and security of the Company’s vehicles; current and potential litigation involving the Company; the Company’s ability to receive funds from, satisfy the conditions precedent of and close on the various financings described elsewhere by the Company; the result of future financing efforts, the failure of any of which could result in the Company seeking protection under the Bankruptcy Code; the Company’s indebtedness; the Company’s ability to cover future warranty claims; the Company’s ability to use its “at-the-market” program; insurance coverage; general economic and market conditions impacting demand for the Company’s products; potential negative impacts of a reverse stock split; potential cost, headcount and salary reduction actions may not be sufficient or may not achieve their expected results; circumstances outside of the Company’s control, such as natural disasters, climate change, health epidemics and pandemics, terrorist attacks, and civil unrest; risks related to the Company’s operations in China; the success of the Company’s remedial measures taken in response to the Special Committee findings; the Company’s dependence on its suppliers and contract manufacturer; the Company’s ability to develop and protect its technologies; the Company’s ability to protect against cybersecurity risks; and the ability of the Company to attract and retain employees, any adverse developments in existing legal proceedings or the initiation of new legal proceedings, and volatility of the Company’s stock price. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the Company’s Form 10-K filed with the SEC on May 28, 2024, as amended on May 30, 2024, and June 24, 2024, as updated by the “Risk Factors” section of the Company’s first quarter 2024 Form 10-Q filed with the SEC on July 30, 2024, and other documents filed by the Company from time to time with the SEC.

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Investors (English): [email protected]

Investors (Chinese): [email protected]

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