- Faraday Future Intelligent Electric Inc (NASDAQ:FFIE) has signed an agreement for a new standby equity line of credit (ELOC) with an affiliate of Yorkville Advisors Global, LP (Yorkville).
- The facility has an initial commitment of $200 million, which can be increased to up to $350 million at the company’s option.
- The company expects the ELOC to improve its financial flexibility and advance its progress toward launching the FF 91.
- Under the terms of the agreement, Faraday Future will have the right, but not the obligation, to issue and sell to Yorkville up to $200 million of its shares.
- The shares will be sold to Yorkville at a discounted price of 97% of the 3-day volume-weighted average price at the time of funding.
- “With this new financing, we have greater financial flexibility and can plan with greater clarity and confidence as we move toward launch of the FF 91,” said Interim CFO Yun Han.
- Price Action: FFIE shares are trading lower by 4.76% at $0.60 on the last check Monday.
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