Faraday Future Intelligent Electric (NASDAQ:FFAI) announced on Wednesday that it has secured approximately $105 million in new cash financing, including $82 million of new financing commitments.
Upon closing the financing, the company expects to have sufficient capital to launch its new product, FX Super One.
It intends to use the funds to accelerate development and distribution efforts for its FF and FX brands and AI-related technologies, support the ramp-up of FX Super One’s initial production, and build on the momentum for the upcoming product launch on July 17, 2025.
Also Read: Faraday Future Unveils UAE Facility, Eyes Global Expansion
Jerry Wang, Global President of Faraday Future, expects to maximize the impact of this capital to drive its strategy further to be a leader in the U.S. market for affordable AI EVs.
The $105 million transaction is structured with $82 million in new financing commitments, primarily in the form of unsecured convertible notes and warrants to acquire additional shares, and $22 million in cash received from previous investors under the conversion and exercise, as applicable, of convertible securities issued in prior financings.
The initial conversion price is the lower of the market closing price of the company’s stock on July 11, 2025, and the average daily weighted average price of the stock for the two trading days following the date hereof.
The initial warrant exercise price is 120% of the conversion Price, in each case, subject to certain adjustments. Univest Securities is acting as the Placement Agent for the New Financing.
The new financing is mainly funded by existing fundamental institutional investors, including Master Investment Group, the Company’s Middle East strategic partner and investment firm of Sheikh Abdulla Al Qassimi from Ras Al Khaimah, United Arab Emirates. Certain new fundamental institutional investors also participated in the New Financing.
On May 30, Faraday Future Intelligent Electric signed a new binding B2B deposit agreement with Los Angeles-based New PBB Auto.
Under the agreement, New PBB Auto placed a $60,000 non-refundable deposit, which can be applied toward purchasing one or more FX vehicles — Faraday Future’s upcoming Super One multi-purpose vehicle (MPV). The deal also includes a non-binding pre-order for 600 units of the FX model.
Previously, the company had disclosed the official launch of its first regional operations facility in the Middle East.
Price Action: FFAI stock is up 0.99% at $2.04 premarket at last check Wednesday.
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This article EXCLUSIVE: Faraday Future Raises $105 Million To Scale FX Super One And Speed Up US EV Growth originally appeared on Benzinga.com
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