What's Going On With Faraday Future Stock After Hours?

Faraday Future Intelligent Electric Inc FFAI shares are rising in extended trading Monday after the company secured a new $41 million funding commitment.

What Happened: After the market close on Monday, Faraday Future announced $41 million in new cash financing commitments to help accelerate the company’s growth trajectory.

The company plans to use the net proceeds for the continued advancement of Future Faraday’s FX brand and AI development. Faraday expects the funding to help it reach its target of rolling out the first FX vehicle by the end of 2025. The company also expects to use the funding to test end-to-end autonomous driving capabilities and for AI talent acquisition and infrastructure building.

“This new round of funding lays a solid foundation for not only FF but also our new FX brand as it continues to make important milestones in market strategy and in product development,” said Matthias Aydt, Global CEO of Faraday Future.

“I am optimistic about the opportunities that this new funding will bring, including supporting the ongoing production of our FF 91 2.0 and the growth of the FX brand in 2025.”

The funding is mainly structured in the form of convertible senior notes and warrants and marks the third funding commitment for Faraday over the past six months. The expected proceeds bring total committed financing during the past six months to more than $100 million.

Faraday Future describes itself as a “California-based global shared intelligent electric mobility ecosystem company.”

FFAI Price Action: Faraday Future Intelligent Electric shares were up 1.45% after-hours, trading at $1.40 at the time of publication Monday, according to Benzinga Pro.

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Photo: Courtesy of Faraday Future.