Faraday Future Announces the Termination of 5.36 Million Warrants; Cumulative Permanent Warrant Cancellations are Approx. 49.9 Million Since 2025; Optimizes the Closing Structure of Its July 2025 Financing to Accelerate the Arrival of Committed Funds

About this update from Faraday Future Intelligent Electric Inc.

LOS ANGELES, July 10, 2026 --( BUSINESS WIRE )--Faraday Future Intelligent Electric Inc. (NASDAQ: FFAI) ("Faraday Future," "FF" or the "Company"), a global Embodied AI (EAI) ecosystem company headquartered in California, today announced two initiatives that further strengthen the Company's capital structure and enhance its capital efficiency. First, the Company entered into warrant termination agreements with two investors, pursuant to which warrants to purchase an aggregate of 5,359,525 shares of Class A common stock have been irrevocably cancelled and terminated. Together with the warrants covering 44,551,199 shares terminated in December 2025, the Company has cumulatively eliminated warrants covering approximately 49.9 million shares, meaningfully reducing its warrant overhang and future potential dilution. These actions reflect the investors' firm support for FF's strategy and business and lay a foundation for unlocking the Company's long-term value and introducing strategic investors. Second, the Company entered into an amended and restated securities purchase agreement with the investors under its July 2025 convertible note financing. The original agreement provided for two closings, the first of which was completed on August 22, 2025. Following the amendment and restatement, with respect to the subsequent closings: (i) certain of the investors will no longer be entitled to receive common stock purchase warrants; (ii) the volume-weighted average price (VWAP) condition to closing has been removed; and (ii) the original single second closing has been divided into eight closings — unless otherwise agreed between the Company and the applicable purchaser(s), each closing will occur only after the Company has received at least $5 million of additional funding since the immediately preceding closing. This structure is designed to allow committed capital to be received and put to work more quickly, supporting product delivery and business execution of the Company's robotics "Three-in-One" business. In addition, the elimination of the majority of the warrants for the subsequent closings helps reduce the Company's potential liabilities.

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