Business
Faraday Future Secures New Funding to Support FF 91 2.0 Futurist Alliance Phase 2 Delivery, Announces Developer Co-Creation Strategy, and Recruits Developer Co-Creation Participants
The Company plans to initiate the delivery process this week. The Company continues to recruit Developer Co-Creation participants for its first Developer
About this update from Faraday Future Intelligent Electric Inc.
[{"type":"text","content":"\n\nThe Company plans to initiate the delivery process this week.\n\n\n\nThe Company continues to recruit Developer Co-Creation participants for its first Developer Co-Creation Festival to be held in Pebble Beach, California during Monterey Car Week later this month.\n\n\n\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 a new round of financing to support the Company’s phase 2 Co-Creation delivery of its Ultimate AI TechLuxury FF 91 2.0 Futurist Alliance, along with its Developer Co-Creation strategy.\n\n\nOn August 4, 2023, the Company issued $16,500,000 aggregate principal amount of its unsecured convertible senior promissory notes (the “Note”) together with a common stock purchase warrant to Streeterville Capital, LLC . The Note is subject to an original issue discount of $1,500,000. This new round of funding will support the Company’s phase 2 delivery and sales and service preparation of its Ultimate AI TechLuxury FF 91 2.0 Futurist Alliance.\n\n\nThe Company continues to recruit Developer Co-Creation participants by invitation and recommendation for its first Developer Co-Creation Festival which will be held in Pebble Beach, California during Monterey Car Week later this month. The Company plans to initiate the delivery process this week and hold the FF 91 2.0 Futurist Alliance delivery ceremony next week.\n\n\nThe Company also announced the Developer Co-Creation projects. The Co-Creation business model is an open UP2U (User Planning to User) business model that allows users or Co-Creators to become FF partners and enable value Co-Creation. It is also an extension of FF’s internal and external partner strategy. The ultimate goal is to collaborate with external Co-Creators to create value for the Company.\n\n\nThe Developer Co-Creation projects include:\n\n\n\nFPO (Futurist Product Officer): Provides valuable feedback and helps the Company with product enhancements and improvements.\n\n\n\nFMO (Futurist Marketing Officer): Leverages personal platforms, networks and resources to help the Company for brand & communications efforts.\n\n\n\nFSC (Futurist Spire Club): Mainly composed of celebrities, entrepreneurs, and industry stars, focuses o...