Faraday Future secures $135M in convertible notes funding; expects FF 91 Futurist SOP in March 2023

FARADAY FUTURE INTELLIGENT ELECTRIC INC.

$135M in convertible secured notes (Tranche C) committed; $80M to fund within 10 business days including $10M advanced.
Company expects proceeds to provide sufficient funding for FF 91 Futurist start of production in March 2023.
Special stockholders meeting set for Feb 28, 2023 to approve share increase and Yorkville equity line.
Existing warrants exchanged: down-round protection removed; new warrants at $0.2275/share and $41M in new convertible notes issued.

item 1.01 item 3.02 item 7.01 item 8.01 item 9.01

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. 6 to Securities Purchase Agreement with Senyun International Ltd., FF Top Holding LLC, FF Simplicity Ventures LLC, and certain other purchasers valued at up to $135 million (effective 2023-02-03).

Action: amendment
Agreement: equity purchase
Counterparty: Senyun International Ltd., FF Top Holding LLC, FF Simplicity Ventures LLC, and certain other purchasers
Value: up to $135 million
Effective: 2023-02-03

Exact text from the filing

On February 3, 2023, Faraday Future Intelligent Electric Inc., a Delaware corporation (the “Company”), entered into that certain Amendment No. 6 to Securities Purchase Agreement (“Amendment No. 6”) with its subsidiaries party thereto, Senyun International Ltd. (“Senyun”), FF Top Holding LLC, a Delaware limited liability company (“FF Top”), FF Simplicity Ventures LLC, a Delaware limited liability company (“FF Simplicity”), as administrative agent and collateral agent, and certain other purchasers

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FARADAY FUTURE INTELLIGENT ELECTRIC INC. filing history →

Source: SEC EDGAR

accession 0001213900-23-008231

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