FARADAY FUTURE INTELLIGENT ELECTRIC INC. (FFAI): debt financing — Faraday Future raises $16.5M via convertible note; issues warrant; amends prior agreements to waive share reserve

FARADAY FUTURE INTELLIGENT ELECTRIC INC.

Issued $16.5M unsecured convertible note to Streeterville Capital; net ~$15M after $1.5M OID and $150K fees.
Note converts at $0.8925/share, 10% interest, matures Aug 4 2029; warrant for 6.1M shares at $0.8925 for 7 years.
Amendments with FF Vitality and Senyun waive share reserve requirements until Sep 30, 2023 or reverse split/authorized share increase.
FF Vitality can invest additional $20M in notes if it first exercises $10M Tranche B investment under existing agreements.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

FARADAY FUTURE INTELLIGENT ELECTRIC INC. incurred convertible notes of $16,500,000 aggregate principal amount with Streeterville Capital, LLC at 10% per annum maturing August 4, 2029.

Instrument: convertible notes
Principal: $16,500,000 aggregate principal amount
Counterparty: Streeterville Capital, LLC
Rate: 10% per annum
Maturity: August 4, 2029
Event: incurrence

Exact text from the filing

On August 4, 2023, Faraday Future Intelligent Electric Inc. (the “Company”) entered into a Securities Purchase Agreement (the “Streeterville SPA”) with Streeterville Capital, LLC (“Purchaser”), to issue and sell $16,500,000 aggregate principal amount of the Company’s unsecured convertible senior promissory notes (the “Streeterville Note”)

View on SEC.gov

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

FARADAY FUTURE INTELLIGENT ELECTRIC INC. entered into Securities Purchase Agreement with Streeterville Capital, LLC valued at $16,500,000 aggregate principal amount (effective 2023-08-04).

Action: entry
Agreement: equity purchase
Counterparty: Streeterville Capital, LLC
Value: $16,500,000 aggregate principal amount
Effective: 2023-08-04

Exact text from the filing

On August 4, 2023, Faraday Future Intelligent Electric Inc. (the “Company”) entered into a Securities Purchase Agreement (the “Streeterville SPA”) with Streeterville Capital, LLC (“Purchaser”), to issue and sell $16,500,000 aggregate principal amount of the Company’s unsecured convertible senior promissory notes (the “Streeterville Note”) and a common stock purchase warrant (the “Streeterville Warrant”).

View on SEC.gov

10 debt financings filed in the last 30 days. Browse all debt financings →

FARADAY FUTURE INTELLIGENT ELECTRIC INC. filing history →

Source: SEC EDGAR

accession 0001213900-23-063824

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