Faraday Future issues $25M in convertible notes; total $70M in 2 months, raises 2026 shipment target to 1,500 units

FARADAY FUTURE INTELLIGENT ELECTRIC INC.

$25M aggregate principal of 8% senior convertible notes sold to institutional investors; $12.5M to operating account, $12.5M in controlled accounts.
Combined with $45M April financing, total $70M secured over two months to fully fund Phase 1 of EAI robotics strategy by end of 2026.
Full-year shipment target raised to 1,500 units across education, security inspection, reception/guided tours, and performance products.
Notes convertible at initial price with $0.15528 floor, subject to adjustments; secured by deposit account control agreements; 9.99% beneficial ownership cap.
SEC investigation closed with no penalties; founding team fully returned; company upgrading to AI-First 'Five Key Transformations' strategy.

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