Summary by Futu AI
On September 5, 2024, Faraday Future Intelligent Electric Inc. ("Faraday Future" or the "Company") entered into a Securities Purchase Agreement with certain institutional investors. The agreement involves the sale of secured promissory notes, warrants, and incremental warrants for approximately $30 million, with $22.5 million paid in cash and $7.5 million converted from a previous loan. The initial closing is expected on September 11, 2024, subject to certain conditions. The secured notes carry a 10% annual interest rate, payable in shares or cash, and mature five years from the issuance date. Noteholders have the option to convert the notes into common stock at a conversion price of $5.24 per share. The company also issued warrants exercisable at $6.29 per share and incremental warrants related to the secured notes. Faraday Future will...Show More