Faraday announces $135M in convertible secured notes financing commitments

Faraday Future Intelligent Electric announced a series of definitive agreements for financing, as well as an important modification to a major provision in the terms of the warrants in the original FF secured financing agreements. Once consummated on the contemplated timeline, the company is expected to have raised all the necessary funds for the start of production of the FF 91 Futurist. In parallel, the company has set the date for a special stockholders meeting which is scheduled to take place on February 28th, 2023. The Company announced the execution of definitive agreements for financing commitments of $135 million in convertible secured notes, of which $80 million will be funded within 10 business days subject to the satisfaction or waiver of certain conditions. The remaining amount will be funded within 5 business days after the satisfaction or waiver of certain conditions, including for a portion of such financing receipt of company stockholder approval and an effective registration statement for the shares underlying the applicable notes. Affiliates of ATW Partners and Acuitas Capital, among others, participated in the transaction. This round of financing, together with the $33.4 million that has been received by the company since the FF Global Investor Business Update on December 15th, 2022, means the company has received sufficient financing commitments for the funds required for SOP of the FF 91 Futurist assuming timely receipt of funds. As previously stated, the company expects to start production of a saleable FF 91 Futurist at the end of March 2023, coming off the assembly line in early April, with deliveries before the end of April assuming receipt of investor funds on the company's expected timeline.