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

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 use the proceeds for general corporate purposes and working capital. Additionally, the Company has regained compliance with Nasdaq's minimum bid price and periodic filing requirements and will be monitored for one year. The Company has committed to filing a registration statement for the resale of shares issuable under the financing documents.