Electric vehicle startup Faraday Future said on Sunday the U.S. Securities and Exchange Commission has concluded its investigation into the company with no action against it.
The closure will help the California-based company pursue strategic financing and partnerships after compliance concerns during the probe made it difficult to work with major banks and investors, the company said.
Faraday Future previously disclosed the investigation related to certain matters involving its 2021 PIPE financing and SPAC-related transactions and that the SEC had issued notices to the company and certain executives.
In March 2022, the SEC subpoenaed some members of Faraday Future's management team as part of a probe into inaccurate statements made to its investors after going public the year earlier.
An internal review in February 2022 identified certain inaccurate statements, and the company cut the base salaries of then-CEO Carsten Breitfeld and founder Jia Yueting, asking them to report to Executive Chairperson Susan Swenson.
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