Faraday Future to Strengthen Core Business and Faraday X (FX) Strategy Ramp-Up with $30 Million Financing

December 23, 2024

DENVER, Colo., Dec 23, 2024 (247marketnews.com)- Faraday Future (NASDAQ: FFIE) reported securing approximately $30 million in cash financing commitments, which it will use to accelerate the Company’s growth and the development of Faraday X (FX), FF’s strategy of launching affordable high performance AIEV equipped vehicles with cutting edge technology, and general corporate purposes.

The $30 million financing commitment is comprised of $7.5 million, which Faraday Future received in the fourth quarter of 2024, and $22.5 million in new cash commitments, in the form of unsecured convertible notes and warrants to acquire additional shares of Faraday Future’s common stock.

Matthias Aydt, Faraday Future’s Global CEO, commented, “The new funding lays a solid foundation for both FF and its new brand as the Company approaches the end of 2024 and enters the new year. 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,” Aydt explained.

Jerry Wang, President of FF Global Partners and Head of Corporate Development, FFIE (Consultant), added, “We are pleased to have supported FF in successfully completing this round of financing. We are enthusiastic about the promising opportunities ahead for the FX brand, and we firmly believe in FF’s ability to execute its strategy effectively and deliver significant value in the process.”

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