Faraday Future, a California-based global shared intelligent electric mobility ecosystem company, announced that it has secured $30 million in financing commitments from investors in the Middle East, the United States, and Asia. The participation from a Middle East investor, Master Investment, an investment firm of Sheikh Abdulla Al Qassimi from Ras Al Khaimah, the UAE represents a significant milestone, emphasizing the company’s successful expansion and development efforts in the region.
This funding validates Faraday Future’s progress in enhancing its international presence and strategically positions the company for growth and new business opportunities. And the funding commitment includes a previously funded $7.50 million and $22.50 million of new investment in the form of convertible notes and warrants to acquire additional shares of the company’s common stock. And the conversion price for the Convertible Notes and exercise price for the warrants, are $5.24 and $6.29 per share, respectively, subject to adjustment. The shares of common stock underlying the convertible notes and warrants issued in the Financing are currently unregistered, subject to trading restrictions, and not immediately tradable. The financing is subject to customary closing conditions.
In April 2024, the company announced the establishment of a Middle Eastern sales entity in Dubai. And with FF’s entry into the Middle East, it now operates a third pole geographic strategy expanding its reach beyond the U.S. and China.
FF’s Global Automotive Industry Bridge Strategy and second brand approach will help the company utilize AI and software technologies for its users across multiple market segments, accelerating FF’s mass-market entry while maintaining its ultra-luxury offering. And FF remains focused on executing its global strategy and bringing its unique vision of intelligent electric mobility to a broader audience. Plus, FF expects to integrate the strengths of the U.S. automotive industry and markets with those of Chinese original equipment manufacturers (OEMs) and parts suppliers focusing on the $20,000 to $80,000 price segment.
KEY QUOTES:
“I am delighted to participate in this round of financing on behalf of Ras Al Khaimah and the UAE. As FF’s strategic partner, I am also excited to bring FF’s upcoming business expansion to Ras Al Khaimah and Middle East. I believe this will bring unprecedented growth opportunities for FF. This will also provide significant momentum for FF’s strategic development, particularly in offering strong support for a rapid global development.”
– Sheikh Abdulla Al Qassimi
“I am extremely encouraged for the possibilities that this new funding will bring to FF, including supporting our ongoing FF 91 2.0 production and enhanced product and software updates. FF is a unique and differentiated electric vehicle company with significant growth prospects, especially with the addition of our Global Automotive Industry Bridge Strategy and second brand vehicle approach that are currently in the works. I also want to thank FF Global Partners who made meaningful contributions to this financing as a company consultant.”
– Matthias Aydt, Global CEO of FF
“I’m truly thankful for our investor support. Moving forward, FF will continue to focus on the delivery and execution of the FF 91 2.0 production, the Global Automotive Industry Bridge Strategy, and establishing a footprint in the UAE and Middle East. We believe these are amazing and unique opportunities for FF to pursue, which have the potential to create meaningful value.”
– Jerry Wang, Head of Corporate Development, FFIE (Consultant)
