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Faraday Future Announces $100 Million in Unsecured Convertible Notes Financing Commitments
This added financing would support the Company to achieve its delivery milestone, continue production ramp up and support the development of its sales &
About this update from Faraday Future Intelligent Electric Inc.
[{"type":"text","content":"\n\nThis added financing would support the Company to achieve its delivery milestone, continue production ramp up and support the development of its sales & service system for its flagship FF 91 vehicle.\n\n\n\nThe closings contemplated by the financing remain subject to certain conditions and limitations on enforceability.\n\n\n\n LOS ANGELES--(BUSINESS WIRE)--\nFaraday Future Intelligent Electric Inc. (NASDAQ: FFIE) (\"Faraday Future\", “FF” or \"Company\"), a California-based global shared intelligent electric mobility ecosystem company, today announced the signing of definitive agreements for financing commitments of $100 million in unsecured convertible notes. The notes are expected to generate cash for the Company that will be utilized for continued production ramp up and development of its sales & service system for its flagship FF 91 vehicle. The transactions contemplated by this financing are subject to the satisfaction or waiver of certain conditions and limitations on enforceability as detailed below.\n\n\nMajor funding investors in these unsecured convertible notes financing are Metaverse Horizon Limited, an independent investment fund with investors including FF Global Partners (“FFGP”), and V W Investment Holding Limited, an affiliate of a long-term shareholder of the Company.\n\n\n“I am extremely pleased to share with you the news of this financing round. This is a strong testament to the potential that investors see in FF’s ability to be an industry leader, and confidence in the changes we have made to our governance structure, new management team and systems and the strength of the global partners mechanism,” said Xuefeng Chen, Global CEO of Faraday Future.\n\n\nFFGP is a partnership of 20 current and former senior executives of the Company and has committed $80 million to this round of financing as an anchor investor. The investment shows a continued commitment to the Company, as well as a show of confidence by a team of 20 current and former senior executive partners, in Faraday Future’s ability to achieve its mid- and long-term goals.\n\n\nIn this challenging market environment, where the Company believes it is significantly undervalued by the market, and through multiple rounds of negotiation in the past two months with several investors, FFGP and another long-term investor committed to provide the needed fu...