Faraday Future, a California-based global electric mobility company, announced today that it has secured $30 million in financing commitments from investors across the Middle East, the United States, and Asia. Notably, Master Investment, an investment firm led by Sheikh Abdulla Al Qassimi of Ras Al Khaimah, UAE, has participated, marking a significant milestone in the company’s expansion efforts.
The financing includes $7.5 million previously funded and an additional $22.5 million in new investments, structured as convertible notes and warrants. The conversion price for the notes is set at $5.24 per share, while the exercise price for the warrants is $6.29 per share. These shares are currently unregistered and subject to trading restrictions. The financing is contingent on customary closing conditions, and further details will be available in the Company’s Form 8-K to be filed with the SEC by September 6, 2024.
Earlier this year, Faraday Future established a sales entity in Dubai, advancing its strategy of expanding beyond the U.S. and China. The company’s Global Automotive Industry Bridge Strategy aims to leverage AI and software technologies across various market segments, facilitating both mass-market entry and maintaining its ultra-luxury offerings.
Sheikh Abdulla Al Qassimi expressed enthusiasm about the investment, emphasizing its potential to drive unprecedented growth and support FF’s global expansion. Matthias Aydt, Global CEO of FF, highlighted the significance of the new funding for the production of the FF 91 2.0 and other product developments. Jerry Wang, Head of Corporate Development, FFIE (Consultant), also expressed gratitude to investors and reaffirmed the company’s focus on its production and strategic goals.
The convertible notes and warrants were sold in a private transaction exempt from registration under the Securities Act of 1933. Faraday Future plans to file a registration statement with the SEC for the resale of shares issued through this financing.
This announcement does not constitute an offer to sell or solicit any offer to buy the convertible notes or shares, and is not an offer or sale in any jurisdiction where such actions are unlawful without proper registration or qualification.
