Faraday Future enters Amendment No. 5 with Senyun for $10M notes and up to $130M facility

FARADAY FUTURE INTELLIGENT ELECTRIC INC.

Senyun commits $10M convertible notes by Jan 27, 2023; conversion rate at 90% of Jan 17 VWAP.
Company to file amended S-1 covering 85.5M shares by Jan 29, seek effectiveness by Feb 10.
Parties to negotiate new junior secured note facility up to $130M to fund FF 91 production start.
Warrants restructuring to remove potential share increase upon down round financing.
Company to reserve shares for all Senyun notes/warrants after stockholder approval to increase authorized shares to 1.69B.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

FARADAY FUTURE INTELLIGENT ELECTRIC INC. amended Amendment No. 5 with Senyun International Ltd., an affiliate of Daguan International Limited, and FF Simplicity Ventures LLC valued at $10 million (effective 2023-01-25).

Action: amendment
Agreement: equity purchase
Counterparty: Senyun International Ltd., an affiliate of Daguan International Limited, and FF Simplicity Ventures LLC
Value: $10 million
Effective: 2023-01-25

Exact text from the filing

On January 25, 2023, Faraday Future Intelligent Electric Inc. (the “Company”) entered into a Limited Consent and Amendment No. 5 (“Amendment No. 5”) with Senyun International Ltd., an affiliate of Daguan International Limited (“Senyun”), and FF Simplicity Ventures LLC (“FF Simplicity”), a Delaware limited liability company, as administrative agent and collateral agent, which amends that certain Securities Purchase Agreement, dated as of August 14, 2022

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FARADAY FUTURE INTELLIGENT ELECTRIC INC. filing history →

Source: SEC EDGAR

accession 0001213900-23-006472

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