24/7 Market News- Faraday Future Secures $30M in Financing Commitments and Regains Compliance with All Nasdaq Continued Listing Criteria

September 6, 2024

DENVER, Colo., Sep 06, 2024 (247marketnews.com)- Faraday Future Intelligent Electric (Nasdaq: FFIE) stated that it secured $30 million in financing commitments from investors, including a previously funded $7.50 million and $22.50 million in new convertible notes.

Sheikh Abdulla Al Qassimi stated, “I am delighted to participate in this round of financing on behalf of Ras Al Khaimah and the UAE. As FF’s strategic partner, I am also excited to bring FF’s upcoming business expansion to Ras Al Khaimah and Middle East. I believe this will bring unprecedented growth opportunities for FF. This will also provide significant momentum for FF’s strategic development, particularly in offering strong support for a rapid global development.”

The Convertible Notes conversion price and exercise price for the Warrants are $5.24 and $6.29 per share, respectively, subject to adjustment as set forth therein.

Matthias Aydt, Faraday Future’s Global CEO, commented, “I am extremely encouraged for the possibilities that this new funding will bring to FF, including supporting our ongoing FF 91 2.0 production and enhanced product and software updates.

“FF is a unique and differentiated electric vehicle company with significant growth prospects, especially with the addition of our Global Automotive Industry Bridge Strategy and second brand vehicle approach that are currently in the works. I also want to thank FF Global Partners who made meaningful contributions to this financing as a Company consultant.”

Jerry Wang, Head of Corporate Development, FFIE (Consultant), added, “I’m truly thankful for our investor support. Moving forward, FF will continue to focus on the delivery and execution of the FF 91 2.0 production, the Global Automotive Industry Bridge Strategy, and establishing a footprint in the UAE and Middle East. We believe these are amazing and unique opportunities for FF to pursue, which have the potential to create meaningful value.”

Faraday Future Intelligent Electric also reported that it received written notice from the Nasdaq Stock Market LLC stating that the Company regained compliance with Nasdaq’s bid price requirement and is now in compliance with all Nasdaq continued listing criteria.

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