Faraday Future Intelligent Electric Inc. (NASDAQ:FFIE) (“FF,” “Faraday Future,” or “Company”), a California-based global shared intelligent electric mobility ecosystem company, today announced an additional funding commitment of $90 million plus the acceleration of an existing commitment of $15 million. The investment round is led by an existing investor, ATW Partners funds, with participation from Senyun International. These commitments come from the Company’s secured and unsecured facilities. Commitments under the unsecured facility are subject to certain closing conditions including an effective registration statement and FF stockholder approval.
This funding commitment will support the ongoing production and delivery of FF’s highly anticipated FF 91 electric vehicle and help the Company reach its long-term strategic goals, including: additional production scaling, further improvement of the sales and service system, global business development, as well as improving general day-to-day operating cash flow. Details about the financing can be found in our Form 8-K filed with the SEC today.
“This remarkable display of support from our existing investor base serves as a powerful testament to their unwavering belief in FF’s vision and its immense market potential. We are grateful to our investors and partners for their trust. This funding is another critical step for FFIE to complete immediate and medium-term strategic objectives. We are poised to continue moving forward to deliver the FF 91 Futurist Alliance to our users focused on our three-phase delivery plan,” said Xuefeng Chen, CEO of Faraday Future.
In addition, Metaverse Horizon Limited, an independent investment fund with investors including FF Global Partners, and V W Investment Holding Limited, an affiliate of a long-term shareholder of the Company, have waived closing conditions related to, and made prefunding contributions of, $25.2 million towards their previously announced May 2023 commitment of $100 million gross in Unsecured Notes to support FFIE’s development.
Furthermore, FFIE continues to pursue additional funding sources, including strategic investors, to foster additional business growth and to reduce future financing costs.
Users can preorder an FF 91 vehicle via the FF Intelligent App or through our website
(English): https://www.ff.com/us/preorder/
or (Chinese): https://www.ff.com/cn/preorder/
Download the new FF Intelligent App: http://appdownload.ff.com
