Faraday Future Reveals $52M In Committed Funding; Continues Fundraising Process

Faraday Future Intelligent Electric Inc FFIE has entered into a definitive agreement for a new financing facility.
The total potential funding under the facility is expected to be $600 million in a convertible secured notes structure.
Faraday Future will receive an initial $52 million of committed funds.
Investors contributing $27 million will receive a conversion price of $2.2865 per FFIE share and later contributions will receive a conversion price of $2.69 per FFIE share.
Related: Faraday Future Intelligent Electric Inks $600M Financing Agreement With FF Top
All investors will receive 33% warrant coverage with an exercise price of $5.00 per FFIE share.
"We are working diligently to complete this capital raise process in order to raise sufficient new funds to launch the FF 91. Subject to successful completion of this fundraising process, I am confident that we can deliver cars to our customers in late Q3 or Q4." said Dr. Carsten Breitfeld, Global CEO of Faraday Future.
FFIE also stated that Mathias Hofmann, Head of Global Supply Chain, will assume the additional position of Head of Manufacturing Operations on an interim basis.
Hofmann will replace Matt Tall, who will be leaving the company for personal reasons.
Price Action: FFIE shares are trading lower by 1.07% at $2.66 on the last check Monday.