Prospectus Supplement No. 7
(to Prospectus dated February 10, 2023) |
Filed Pursuant to Rule 424(b)(3)
Registration No. 333-268972 |
413,412,112 Shares of Class
A Common Stock
Up to 157,210,985 Shares
of Class A Common Stock
Issuable Upon Exercise of
the Warrants and Conversion of the SPA Notes
Up to 111,131 Private Warrants
This prospectus supplement
updates and supplements the prospectus dated February 10, 2023, which forms a part of our Registration Statement on Form S-1, as amended
(Registration No. 333-268972) (as supplemented to date, the “Prospectus”). This prospectus supplement is being filed to update
and supplement the information in the Prospectus with the information contained in our Current Report on Form 8-K, filed with the Securities
and Exchange Commission on March 15, 2023 (the “Current Report”). Accordingly, we have attached the Current Report to this
prospectus supplement.
The Prospectus and this prospectus
supplement relate to the issuance by us of (i) 27,733,421 shares of the Class A common stock, par value $0.0001 per share, of Faraday
Future Intelligent Electric Inc. (“FFIE” and such Class A common stock, the “Class A Common Stock”) originally
purchased in the PIPE Financing (as defined in the Prospectus) by certain of the Selling Securityholders at a purchase price of $10.00
per share, (ii) 213,366 Founder Shares (as defined below) by certain of the Selling Securityholders previously acquired by our predecessor’s
sponsor at an effective purchase price of $0.0043 per share, (iii) 170,131 shares of Class A Common Stock issued to designees of EarlyBirdCapital,
Inc. as underwriters’ compensation in connection with the initial public offering of Property Solutions Acquisition Corp. (“PSAC”)
at an effective purchase price of $0.0041 per share, (iv) 586,000 shares of Class A Common Stock issued on July 22, 2022 as consideration
for consulting and advisory services pursuant to an omnibus transaction services fee agreement and acknowledgement, as amended, with Riverside
Management Group in connection with the Business Combination (as defined in the Prospectus), (v) 86,395,848 shares of Class A Common Stock
originally issued to Season Smart Limited (“Season Smart”) and Founding Future Creditors Trust as consideration in connection
with the Business Combination at a per share value of $10.00 per share, (vi) 64,000,588 shares of Class A Common Stock underlying the
shares of FFIE’s Class B common stock, par value $0.0001 per share originally issued to FF Top Holding LLC (“FF Top”)
as consideration in connection with the Business Combination at a per share value of $10.00 per share, (vii) 21,263,758 Earnout Shares
not currently beneficially owned that Season Smart, FF Top and certain FF executives have the contingent right to receive pursuant to
the Merger Agreement, (viii) 150,322 shares of Class A Common Stock issued to certain FF executives in satisfaction of deferred compensation
owed by FF to such FF executives prior to the closing of the Business Combination, (ix) 484,856 shares of Class A Common Stock issued
to certain FF executives upon such FF executives’ exercise of options, (x) 54,252 shares of Class A Common Stock issued to Chui
Tin Mok upon closing of the Business Combination in satisfaction of his related party note payable, (xi) 4,923,072 shares of Class A Common
Stock issued upon exercise of certain warrants issued in a private placement to certain institutional investors pursuant to a Second Amended
and Restated Note Purchase Agreement, dated October 9, 2020 (as amended from time to time, the “NPA,” and such warrants, the
“ATW NPA Warrants”), and (xii) 182,376,970 shares of Class A Common Stock issued upon conversion of certain convertible notes
and 25,059,528 shares of Class A Common Stock issued upon exercise of certain warrants, in each case issued in a private placement to
certain institutional investors pursuant to a Securities Purchase Agreement, dated as of August 14, 2022, as amended on September 23,
2022 (the “SPA”), pursuant to the Joinder and Amendment Agreement to the SPA (the “Joinder”), dated as of September
25, 2022, pursuant to the Limited Consent and Third Amendment to the SPA (the “Third Amendment”), dated as of October 24,
2022, pursuant to the Limited Consent and Amendment to the SPA (the “Fourth Amendment”), dated as of November 8, 2022, pursuant
to the Letter Agreement and Amendment to the SPA (the “Senyun Amendment”), dated as of December 28, 2022, pursuant to the
Limited Consent and Amendment No. 5 (the “Fifth Amendment”), dated as of January 25, 2023, and pursuant to the Amendment No.
6 to Securities Purchase Agreement (the “Sixth Amendment”), dated as of February 3, 2023 (such notes and warrants under the
SPA and Joinder, the “SPA Notes” and the “SPA Warrants”).
The Prospectus also
relates to the offer and sale from time to time by the Selling Securityholders of up to 111,131 warrants (the “Private Warrants”),
all of which were included in the private units purchased by our predecessor’s sponsor and EarlyBirdCapital, Inc. in connection
with the initial public offering of PSAC at a price of $10.00 per unit.
The Prospectus also
relates to the issuance by us, and the offer and sale from time to time by the Selling Securityholders, of up to an aggregate of 157,210,985
shares of Class A Common Stock which consists of (i) 111,131 shares of Class A Common Stock that are issuable upon the exercise of the
Private Warrants, (ii) 23,540,988 shares of Class A Common Stock that are issuable upon the exercise of the 23,540,988 warrants (the “Public
Warrants”) originally issued in the initial public offering of PSAC (or otherwise originally included in the private units purchased
in connection with the initial public offering of PSAC, and subsequently sold), (iii) 23,508,563 shares of Class A Common Stock issuable
upon exercise of NPA Warrants, and (iv) 90,409,839 shares of Class A Common Stock issuable upon conversion of SPA Notes and 19,640,464
shares of Class A Common Stock issuable upon exercise of SPA Warrants.
This prospectus supplement
should be read in conjunction with the Prospectus. This prospectus supplement updates and supplements the information in the Prospectus.
If there is any inconsistency between the information in the Prospectus and this prospectus supplement, you should rely on the information
in this prospectus supplement.
Our shares of Class A Common
Stock and our Public Warrants are listed on The Nasdaq Stock Market (“Nasdaq”), under the symbols “FFIE” and “FFIEW.” On
March 14, 2023, the closing price of our Class A Common Stock was $0.3847 per share and the closing price of our Public Warrants was $0.115
per Public Warrant.
See the section entitled
“Risk Factors” beginning on page 22 of the Prospectus and under similar headings in any further amendments or supplements
to the Prospectus to read about factors you should consider before buying our securities.
Neither the Securities
and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if the Prospectus
or this prospectus supplement is truthful or complete. Any representation to the contrary is a criminal offense.
The date of this prospectus supplement is March
15, 2023.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
March 9, 2023
Faraday Future Intelligent Electric Inc.
(Exact name of registrant as specified in its charter)
Delaware |
|
001-39395 |
|
84-4720320 |
(State or other jurisdiction
of incorporation) |
|
(Commission File Number) |
|
(I.R.S. Employer
Identification No.) |
18455 S. Figueroa Street
Gardena, CA |
|
90248 |
(Address of principal executive offices) |
|
(Zip Code) |
(424) 276-7616
(Registrant’s telephone number, including
area code)
Not Applicable
(Former name or former address, if changed since
last report)
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b)
of the Act:
Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange on which registered |
Class A common stock, par value $0.0001 per share |
|
FFIE |
|
The Nasdaq Stock Market LLC |
Redeemable warrants, exercisable for shares of Class A common stock at an exercise price of $11.50 per share |
|
FFIEW |
|
The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the
Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 5.02 Departure of Directors or Certain
Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On March 9, 2023, Matthias Aydt informed Faraday
Future Intelligent Electric Inc. (the “Company”) of his resignation from the Company’s Board of Directors (the “Board”),
effective upon the appointment of his successor on the Board. Mr. Aydt informed the Company that his decision to resign from the Board
was due to his desire to devote more time to his role as the Company’s Senior Vice President, Product Execution, and help the
Company achieve the target start of production and delivery of the FF 91 Futurist, the Company’s first production vehicle and flagship
model, and not because of any disagreements with management or the Board on any matter relating to the Company’s operations, policies
or practices.
SIGNATURE
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
|
Faraday Future Intelligent Electric Inc. |
|
|
|
Date: March 15, 2023 |
By: |
/s/ Yun Han |
|
Name: |
Yun Han |
|
Title: |
Interim Chief Financial Officer |
2
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