- Definitive Agreement Reached for Committed
Equity Facility Up to $350 million -
- Significantly Strengthens Financial
Flexibility and Advances Progress Toward Start of Production -
- S-1/A Registration Statement Effective on
November 10, 2022 -
Faraday Future Intelligent Electric Inc. (“Faraday Future” or
the “Company”) (NASDAQ: FFIE), a California-based global shared
intelligent electric mobility ecosystem company, today announced
that it has reached an agreement for a new standby equity line of
credit (“ELOC”) with an affiliate of Yorkville Advisors Global, LP
(“Yorkville”). The facility has an initial commitment of $200
million which can be increased to up to $350 million at the
Company’s option. The ELOC will significantly improve Faraday
Future’s financial flexibility and advance its progress toward
launching the FF 91.
Under the terms of the ELOC, Faraday Future will have the right,
but not the obligation, to issue and sell to Yorkville up to $200
million in shares of the Company’s Class A common stock subject to
customary conditions including an effective registration statement
for the resale of such shares. The Company has the right to
increase the $200 million commitment by up to $150 million in one
or more installments. The shares will be sold to Yorkville at a
discounted price of 97% of the 3-day volume-weighted average price
at the time of funding, and generally limited to one-third of the
Company’s trading volume during such time period. Additional
information about the ELOC can be found in our 8-K filed earlier
today.
Separately, the Company announced that its Registration
Statement on Form S-1/A, dated November 8, 2022, has been declared
effective by the U.S. Securities and Exchange Commission. The
company expects to file a new Form S-1 for the ELOC in the near
future.
“Our FF 91 vehicle program is advancing, and recent testing and
validation results have exceeded our targets, including an EPA
range certification of 381 miles, which is truly exceptional for a
large TechLuxury car that delivers 1050 horsepower and 0-60
performance in under 2.4 seconds,” said Dr. Carsten Breitfeld,
Global CEO of Faraday Future. “This new financing facility is a key
part of our strategy to raise the funds we need to get the FF 91 on
the road and in the hands of users as quickly as possible,”
continued Dr. Breitfeld.
Yun Han, Interim Chief Financial Officer of Faraday Future
added, “With this new financing, we have greater financial
flexibility and can plan with greater clarity and confidence as we
move toward launch of the FF 91. We are pleased to welcome
Yorkville as our newest funding partner and are working diligently
to finish preparations for start of production and to bring our
vision of the future of mobility to market.”
The information contained in this press release does not
constitute an offer to sell or the solicitation of an offer to buy
shares of Faraday Future common stock.
Users can preorder an FF 91 Futurist via the FF Intelligent App
or through our website (English): https://www.ff.com/us/preorder/
or (Chinese): https://www.ff.com/cn/preorder/
Download the new FF Intelligent App (English):
https://apps.apple.com/us/app/id1454187098 or
https://play.google.com/store/apps/details?id=com.faradayfuture.online,
(Chinese): http://appdownload.ff.com
ABOUT FARADAY FUTURE
Faraday Future is a class-defining luxury electric vehicle
company. The Company has pioneered numerous innovations relating to
its products, technology, business model, and user ecosystem since
inception in 2014. Faraday Future aims to perpetually improve the
way people move by creating a forward-thinking mobility ecosystem
that integrates clean energy, AI, the Internet, and new usership
models. Faraday Future’s first flagship product is the FF 91
Futurist.
FOLLOW FARADAY FUTURE:
https://www.ff.com/
http://appdownload.ff.com
https://twitter.com/FaradayFuture
https://www.facebook.com/faradayfuture/
https://www.instagram.com/faradayfuture/
www.linkedin.com/company/faradayfuture
NO OFFER OR SOLICITATION
This communication shall neither constitute an offer to sell or
the solicitation of an offer to buy any securities, nor shall there
be any sale of securities in any jurisdiction in which the offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such
jurisdiction.
FORWARD LOOKING STATEMENTS
This press release includes “forward looking statements” within
the meaning of the safe harbor provisions of the United States
Private Securities Litigation Reform Act of 1995. When used in this
press release, the words “estimates,” “projected,” “expects,”
“anticipates,” “forecasts,” “plans,” “intends,” “believes,”
“seeks,” “may,” “will,” “should,” “future,” “propose” and
variations of these words or similar expressions (or the negative
versions of such words or expressions) are intended to identify
forward-looking statements. These forward-looking statements are
not guarantees of future performance, conditions or results, and
involve a number of known and unknown risks, uncertainties,
assumptions and other important factors, many of which are outside
the Company’s control, that could cause actual results or outcomes
to differ materially from those discussed in the forward-looking
statements. Important factors, among others, that may affect actual
results or outcomes include the Company’s ability to satisfy the
conditions precedent and close on the various financings previously
disclosed by the Company (including an effective registration
statement for the resale of the ELOC shares described herein), the
failure of any which could result in the Company seeking protection
under the Bankruptcy Code; the ability of the Company to agree on
definitive documents to effectuate the governance changes with FF
Top; the Company’s ability to remain in compliance with its public
filing requirements under the Securities Exchange Act of 1934, as
amended, and the listing requirements of The Nasdaq Stock Market
LLC (“Nasdaq”) and to continue to be listed on Nasdaq; the outcome
of the SEC investigation relating to the matters that were the
subject of the Special Committee investigation; the Company’s
ability to execute on its plans to develop and market its vehicles
and the timing of these development programs; the Company’s
estimates of the size of the markets for its vehicles and cost to
bring those vehicles to market; the rate and degree of market
acceptance of the Company’s vehicles; the success of other
competing manufacturers; the performance and security of the
Company’s vehicles; potential litigation involving the Company; the
result of future financing efforts and general economic and market
conditions impacting demand for the Company’s products; recent
cost, headcount and salary reduction actions may not be sufficient
or may not achieve their expected results; and the ability of the
Company to attract and retain employees, including a replacement
auditor. The foregoing list of factors is not exhaustive. You
should carefully consider the foregoing factors and the other risks
and uncertainties described in the “Risk Factors” section of the
Company’s registration statement on Form S-1/A filed on November 8,
2022, and other documents filed by the Company from time to time
with the SEC. These filings identify and address other important
risks and uncertainties that could cause actual events and results
to differ materially from those contained in the forward-looking
statements. Forward-looking statements speak only as of the date
they are made. Readers are cautioned not to put undue reliance on
forward-looking statements, and the Company does not undertake any
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required by law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221114005473/en/
Investors (English): ir@faradayfuture.com Investors (Chinese):
cn-ir@faradayfuture.com Media: john.schilling@ff.com Media:
tim.gilman@ff.com
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