Faraday Future Intelligent Electric Inc. (NASDAQ: FFAI) announced plans to purchase approximately $500,000 worth of its common stock, subject to board approval and compliance with securities laws.

The electric vehicle company said certain executives and employees will defer portions of their base compensation from March 1 through May 31, 2026. The company intends to use the estimated after-tax value of these deferrals, approximately $500,000, as a reference amount for the share repurchase.

Under the program, the repurchased shares would be transferred to participating executives and employees as settlement of their deferred compensation, increasing their equity ownership in the company.

"I believe this initiative demonstrates that the management and employees at FF are willing to support the Company's liquidity management and long-term strategic execution through concrete action," said YT Jia, FF Founder and Global Co-CEO, according to the company's statement.

The company described the initiative as a response to what it characterized as potential illegal market manipulation and short selling activities. Faraday Future said it continues preparing for a potential submission to the U.S. Securities and Exchange Commission regarding these concerns.

The California-based company, founded in 2014, began deliveries of its flagship FF 91 vehicle in 2023. The company has announced plans for its second brand, FX, with the Super One model targeted to begin deliveries in 2026.

The share repurchase initiative remains subject to board approval, compliance with applicable securities laws, and the company's trading policies. The company noted that actual implementation may be restricted due to trading blackouts or other regulatory constraints.