Announces Comprehensive Governance Resolution with Major Shareholders and New Financing
Summary
Under the first financing agreement, Faraday Future will receive up to in near-term funding in the form of convertible secured notes and warrant exercise payments, subject to certain conditions precedent. Under a separate second financing agreement, the Company will receive up to an additional in near-term funding from , a wholly owned investment entity, in the form of convertible secured notes, subject to certain conditions precedent. The terms of such financing are substantially similar to the terms of the previously committed notes but are subject to satisfactory completion of due diligence by the Company in its sole discretion on the investor and a specified funding schedule with milestones.The Company is in ongoing discussions with potential financing sources for additional capital required to fund operations through the end of 2022 and beyond. Faraday Future aims to perpetually improve the way people move by creating a forward-thinking mobility ecosystem that integrates clean energy, AI, the Internet and new usership models. 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.