Risk Factors Update Summary

• The Reverse Stock Split may not attract new investors, and sustained increase in market price is uncertain.
• Issued 50,000,000 PIPE Warrants in June 2023, a significant increase from the previous 50,000. This change might dilute existing shareholders.
• Outstanding amounts under the Yorkville PPA make the company more vulnerable to financial downturns.
• The company's ability to meet production and manufacturing milestones for EVs is uncertain.
• Vested Walmart Warrants for 15.3 million shares, indicating a specific dilution impact on ownership.
• Limited capacity under the Yorkville PPA may restrict access to additional capital financing.
• The company's net loss and comprehensive loss decreased from $346.8 million in 2021 to $302.0 million in 2022.
• Initial EV sales focus shifted from specific jurisdictions to limited ones, potentially affecting market penetration.
• The company's negative cash flow from operating activities increased from $300.8 million in 2021 to $487.7 million in 2022.
• The company's ability to access cash and investments may be threatened if the market price falls below $1.00 per share.