Faraday Future Receives $30 Million of Previously Committed Financing
October 30 2024 - 10:37PM
Business Wire
- Proceeds Will Help Advance FF and FX Dual-Brand Strategic
Goals.
Faraday Future Intelligent Electric Inc. (NASDAQ: FFIE)
(“Faraday Future,” “FF” or the “Company”), a California-based
global shared intelligent electric mobility ecosystem company,
announced today that it has received the full net proceeds from the
$30 million previously committed financing announced in September
2024. The initial closing occurred on September 12, 2024, and the
second closing occurred on September 30, 2024. The proceeds, from
investors in the Middle East, the United States, and Asia, were
received in incremental tranches, with the final investment amounts
received this week. For the FF brand, the net proceeds can support
FF 91 deliveries and the gradual restoration of the supply chain;
for the FX brand, the net proceeds can provide financial support to
help progress the FX project.
This latest capital infusion is supporting Faraday Future’s dual
brand operational requirements as the Company continues to
establish its position within the luxury AIEV market through its FF
brand, while concurrently establishing its FX brand’s presence in
the mass AIEV market.
In addition to the recently completed financing, Faraday Future
has reached agreements with several key suppliers. The agreements
strengthen FF’s operational partnerships and support the Company’s
ongoing commitment to optimizing cost efficiencies as it develops
its dual-brand strategy.
“Receiving the committed funding and the partnerships with our
key suppliers underscore the foundation we are building for our
dual-brand strategy,” said Matthias Aydt, Global CEO of Faraday
Future. “These collaborations are a testament to the confidence our
partners have in FF’s future, allowing us to move forward with our
commitment to reducing costs and enhancing production
capabilities.”
ABOUT FARADAY FUTURE
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. FF is not just an EV Company, but also a
software-driven intelligent internet Company. Ultimately FF aims to
become a User Company by offering a shared intelligent mobility
ecosystem. FF 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.
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, which
include statements regarding the use of proceeds from the $30
million offering, the restoration of the Company’s supply chain,
establishing a position in the luxury and mass-market AIEV markets,
reducing costs, enhancing production capabilities, and the
Company’s second brand (FX), are not guarantees of future
performance, conditions or results, and 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 to secure the necessary funding to execute on the FX
strategy, which will be substantial; the Company’s ability to
secure agreements with OEMs that are necessary to execute on the FX
strategy; the Company’s ability to continue as a going concern and
improve its liquidity and financial position; the Company’s ability
to pay its outstanding obligations; the Company's ability to
remediate its material weaknesses in internal control over
financial reporting and the risks related to the restatement of
previously issued consolidated financial statements; the Company’s
limited operating history and the significant barriers to growth it
faces; the Company’s history of losses and expectation of continued
losses; the success of the Company’s payroll expense reduction
plan; 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 Company’s ability
to cover future warranty claims; the success of other competing
manufacturers; the performance and security of the Company’s
vehicles; current and potential litigation involving the Company;
the Company’s ability to receive funds from, satisfy the conditions
precedent of 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; the Company’s indebtedness;
the Company’s ability to cover future warranty claims; the
Company’s ability to use its “at-the-market” program; insurance
coverage; general economic and market conditions impacting demand
for the Company’s products; potential negative impacts of a reverse
stock split; potential cost, headcount and salary reduction actions
may not be sufficient or may not achieve their expected results;
circumstances outside of the Company's control, such as natural
disasters, climate change, health epidemics and pandemics,
terrorist attacks, and civil unrest; risks related to the Company's
operations in China; the success of the Company's remedial measures
taken in response to the Special Committee findings; the Company’s
dependence on its suppliers and contract manufacturer; the
Company's ability to develop and protect its technologies; the
Company's ability to protect against cybersecurity risks; 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 filed with the SEC on May 28, 2024, as amended
on May 30, 2024, and June 24, 2024, as updated by the “Risk
Factors” section of the Company’s first quarter 2024 Form 10-Q
filed with the SEC on July 30, 2024, and other documents filed by
the Company from time to time with the SEC.
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version on businesswire.com: https://www.businesswire.com/news/home/20241030253348/en/
Investors (English): ir@faradayfuture.com Investors (Chinese):
cn-ir@faradayfuture.com Media: john.schilling@ff.com
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