Univest Securities, LLC Announces First Closing of $30 Million Convertible Note Offering for its Client Faraday Future Intelligent Electric Inc. (NASDAQ: FFIE)
September 12 2024 - 3:30PM
Univest Securities, LLC (“Univest”), a member of FINRA and SIPC,
and a full-service investment bank and securities broker-dealer
firm based in New York, today announced the first closing of a
convertible note offering (the “Offering”) of approximately $30
million for its client Faraday Future Intelligent Electric Inc.
(NASDAQ: FFIE) (“Faraday Future” or the “Company”), a
California-based global shared intelligent electric mobility
ecosystem company.
The Offering includes a previously funded $7.50
million and $22.50 million of new investment (the “Financing”) in
the form of convertible notes (“Convertible Notes”) and warrants to
acquire additional shares of the Company’s common stock
(“Warrants”). The conversion price for the Convertible Notes and
exercise price for the Warrants, are $5.24 and $6.29 per share,
respectively, subject to adjustment as set forth therein. The
shares of common stock underlying the Convertible Notes and
Warrants issued in the Offering are currently unregistered, subject
to trading restrictions, and not immediately tradable.
The aggregate gross proceeds to the Company was
approximately $30 million.
Univest Securities, LLC acted as the sole
placement agent.
The Convertible Notes, along with the Warrants,
were offered and sold in a transaction exempt from the registration
requirements of the Securities Act of 1933, as amended (the
“Securities Act”), pursuant to the exemption for transactions by an
issuer not involving any public offering under Section 4(a)(2) of
the Securities Act and Rule 506 of Regulation D of the Securities
Act and in reliance on similar exemptions under applicable state
laws. Accordingly, the Convertible Notes, Warrants and underlying
shares of common stock issuable upon conversion of the Convertible
Notes and exercise of the Warrants may not be offered or sold in
the United States except pursuant to an effective registration
statement or an applicable exemption from the registration
requirements of the Securities Act and such applicable state
securities laws. For additional information regarding the material
terms relating to the Financing, please see the Company’s Form 8-K
filed with the SEC at http://www.sec.gov on September 6, 2024.
This press release does not constitute an offer
to sell or the solicitation of an offer to buy, nor will there be
any sales of such securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of such
jurisdiction.
About Univest Securities,
LLC
Registered with FINRA since 1994, Univest
Securities, LLC provides a wide variety of financial services to
its institutional and retail clients globally including brokerage
and execution services, sales and trading, market making,
investment banking and advisory, wealth management. It strives to
provide clients with value-add service and focuses on building
long-term relationship with its clients. For more information,
please visit: www.univest.us.
About Faraday Future
Intelligent Electric Inc.
Faraday Future is the pioneer of the Ultimate AI
TechLuxury ultra spire market in the intelligent EV era, and the
disruptor of the traditional ultra-luxury car civilization
epitomized by Ferrari and Maybach. Faraday Future is not just an EV
Company, but also a software-driven intelligent internet Company.
Ultimately Faraday Future aims to become a User Company by offering
a shared intelligent mobility ecosystem. Faraday Future remains
dedicated to advancing electric vehicle technology to meet the
evolving needs and preferences of users worldwide, driven by a
pursuit of intelligent and AI-driven mobility. For more
information, please visit the Company's website at:
https://www.ff.com/.
Forward-Looking Statements
This press release contains forward-looking
statements as defined by the Private Securities Litigation Reform
Act of 1995. Forward-looking statements include statements
concerning plans, objectives, goals, strategies, future events or
performance, and underlying assumptions and other statements that
are other than statements of historical facts. When the Company
uses words such as “may, “will, “intend,” “should,” “believe,”
“expect,” “anticipate,” “project,” “estimate” or similar
expressions that do not relate solely to historical matters, it is
making forward-looking statements. Forward-looking statements are
not guarantees of future performance and involve risks and
uncertainties that may cause the actual results to differ
materially from the Company’s expectations discussed in the
forward-looking statements. These statements are subject to
uncertainties and risks including, but not limited to, the
uncertainties related to market conditions and the completion of
the initial public offering on the anticipated terms or at all, and
other factors discussed in the “Risk Factors” section of the
registration statement filed with the SEC. For these reasons, among
others, investors are cautioned not to place undue reliance upon
any forward-looking statements in this press release. Additional
factors are discussed in the Company’s filings with the SEC, which
are available for review at www.sec.gov. Univest Securities LLC and
the Company undertakes no obligation to publicly revise these
forward-looking statements to reflect events or circumstances that
arise after the date hereof.
For more information, please contact:
Univest Securities, LLC
Edric Guo
Chief Executive Officer
75 Rockefeller Plaza, Suite 18C
New York, NY 10019
Phone: (212) 343-8888
Email: info@univest.us
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