Faraday Future Intelligent Electric Inks $600M Financing Agreement With FF Top

by Shivani Kumaresan, Benzinga Staff Writer

August 2, 2022 12:19 PM | 1 min read |

Faraday Future Intelligent Electric Inc FFIE has signed a non-binding term sheet agreement with a major shareholder, FF Top Holding LLC, for a proposed convertible term loan facility.
The principal amount of the proposed financing amounts to $600 million.
The term sheet contemplates that several financial investors, to be identified by FF Top, would participate in the proposed financing through a new or existing investment vehicle in a principal amount of at least $100 million.
The facility will include two tranches, each up to $300 million.
Price Action: FFIE shares are trading higher by 27.45% at $2.54 on the last check Tuesday.