Faraday Future Intelligent Electric Inc. (NASDAQ: FFIE)
(“Faraday Future”, “FF” or “Company”), a California-based global
shared intelligent electric mobility ecosystem company, announced
today that it has entered into an At-the-Market (“ATM”) equity
offering sales agreement (the “Agreement”) under which the Company
may, from time to time, offer and sell shares of its Class A common
stock (the “Shares”) having an aggregate value of up to $90.0
million, through the sales agents.
Sales of Shares, if any, will be made at or related to then
prevailing market prices and, as a result, prices may vary. The
volume and timing of sales under the ATM program will be determined
at the Company’s discretion. The Company expects to use any
proceeds from the ATM program for general working capital and
corporate purposes, which may include investment in product and
technology development, establishment of global sales and service
networks, ramp-up of production, repayment or repurchase of
outstanding debt, capital expenditures, potential joint ventures,
acquisitions and other business opportunities and purposes.
Stifel and B. Riley Securities are serving as lead sales agents,
and A.G.P./Alliance Global Partners, Wedbush Securities and Maxim
Group LLC are serving as additional sales agents (collectively, the
“Agents”).
Under the Agreement, the Agents may sell the Shares by methods
deemed to be an “at-the-market” offering as defined in Rule 415
promulgated under the Securities Act of 1933, as amended, including
sales made directly on or through the Nasdaq Stock Market, the
existing trading market for the Shares, sales made to or through a
market maker other than on an exchange or otherwise, in negotiated
transactions at market prices prevailing at the time of sale or at
prices related to such prevailing market prices, and/or any other
method permitted by law, including in privately negotiated
transactions.
The Shares will be offered under the Company’s existing
effective shelf registration statement (including a prospectus)
filed with the Securities and Exchange Commission (“SEC”). A
prospectus supplement related to the offering has been filed with
the SEC. Any offer, solicitation or sale will be made only by means
of the prospectus supplement and the accompanying prospectus.
Current and potential investors should read the prospectus in the
registration statement, and the prospectus supplement relating to
the ATM program and other documents the Company has filed with the
SEC for more complete information about the Company and the ATM
program.
A copy of the prospectus supplement and accompanying prospectus
relating to these securities may be obtained by contacting: Stifel,
Nicolaus & Company, Incorporated, Attention: Syndicate, One
Montgomery Street, Suite 3700, San Francisco, California 94104, by
telephone at (415) 364-2720, or by email at
syndprospectus@stifel.com; B. Riley Securities, Attention:
Prospectus Department, 1300 North 17th Street, Suite 1300,
Arlington, Virginia 22209, by telephone at (703) 312-9580, or by
email at prospectuses@brileyfin.com; A.G.P./Alliance Global
Partners, 590 Madison Avenue, 28th Floor, New York, NY 10022, by
telephone at (212) 624-2060, or by email at
prospectus@allianceg.com; Wedbush Securities Inc., Attention:
Equity Capital Markets, 600 Montgomery Street 29th Floor, San
Francisco, California 94111, or by telephone at (213) 688-8000; or
Maxim Group LLC, 300 Park Avenue, 16th Floor, New York, NY 10022,
by telephone at (212) 895-3500, or by email at
syndicate@maximgrp.com.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy, nor may there be any sale of the
Company’s Class A common stock in any state or jurisdiction in
which such an offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities law of any
state or jurisdiction.
ABOUT FARADAY FUTURE
FF is the pioneer of the Ultimate Intelligent TechLuxury ultra
spire market in the intelligent EV era, and a disruptor of the
traditional ultra-luxury car industry. FF is not just an EV
company, but also a software-driven company of intelligent internet
AI product.
FORWARD LOOKING STATEMENTS
This press release includes “forward looking statements” within
the meaning of the safe harbor provisions of the United States
Private Securities Litigation Reform Act of 1995. When used in this
press release the words “estimates,” “projected,” “expects,”
“anticipates,” “forecasts,” “plans,” “intends,” “believes,”
“seeks,” “may,” “will,” “should,” “future,” “propose” and
variations of these words or similar expressions (or the negative
versions of such words or expressions) are intended to identify
forward-looking statements. These forward-looking statements
involve a number of known and unknown risks, uncertainties,
assumptions and other important factors, many of which are outside
the Company’s control, that could cause actual results or outcomes
to differ materially from those discussed in the forward-looking
statements. Important factors, among others, that may affect actual
results or outcomes include, among others: the Company’s ability to
continue as a going concern and improve its liquidity and financial
position; the Company’s ability to successfully consummate
offerings of its Class A common stock through the ATM program; the
Company’s ability to execute on its plans to develop and market its
vehicles and the timing of these development programs; the
Company’s estimates of the size of the markets for its vehicles and
cost to bring those vehicles to market; the rate and degree of
market acceptance of the Company’s vehicles; the success of other
competing manufacturers; the performance and security of the
Company’s vehicles; potential litigation involving the Company; the
Company’s ability to satisfy the conditions precedent and close on
the various financings described elsewhere by the Company; the
result of future financing efforts, the failure of any of which
could result in the Company seeking protection under the Bankruptcy
Code; general economic and market conditions impacting demand for
the Company’s products; potential cost, headcount and salary
reduction actions may not be sufficient or may not achieve their
expected results; and the ability of the Company to attract and
retain employees, any adverse developments in existing legal
proceedings or the initiation of new legal proceedings, and
volatility of the Company’s stock price. You should carefully
consider the foregoing factors and the other risks and
uncertainties described in the “Risk Factors” section of the
Company’s Form 10-K/A filed with the Securities and Exchange
Commission (“SEC”) on August 21, 2023, and other documents filed by
the Company from time to time with the SEC. These filings identify
and address other important risks and uncertainties that could
cause actual events and results to differ materially from those
contained in the forward-looking statements. Forward-looking
statements speak only as of the date they are made. Readers are
cautioned not to put undue reliance on forward-looking statements,
and the Company does not undertake any obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise, except as required by
law.
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version on businesswire.com: https://www.businesswire.com/news/home/20230927600031/en/
Investors (English): ir@faradayfuture.com Investors (Chinese):
cn-ir@faradayfuture.com Media: john.schilling@ff.com
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