Faraday Future (FFIE.US) surges 34% premarket on $30M financing commitment

Zhitong Finance learned that as of the time of writing, Faraday Future (FFIE.US) shares rose 34% before the market opened on Friday after the company said it had received $30 million in financing commitments from investors to drive growth and new business opportunities. The new financing commitments include $7.5 million from previous financing and $22.5 million in new investments in the form of convertible notes and warrants to acquire additional shares of the Company's common stock. The conversion price of the convertible notes and exercise price of the warrants are $5.24 and $6.29 per share, respectively.

Master Investment Group, a company based in Ras Al Khaimah, United Arab Emirates, participated in the financing. Master Investment Group is owned by Sheikh Abdulla Al Qassimi. Master's participation marks an important milestone, highlighting the Company's successful expansion and development efforts in the Middle East. Other U.S. and Asian investors also participated in the investment.

The Company established a Middle East sales entity in Dubai in April 2024, expanding its business beyond the U.S. and China.

Moreover, the Company announced that it will hold a press conference on September 19, where it will further introduce its second brand strategy and global automotive industry bridge strategy, and discuss its intermediate achievements. These strategies may provide possible solutions to address the lagging sales of electric vehicles in the U.S.

Faraday Future will seek to bring Chinese parts and supply chains to the U.S. to provide consumers with more diverse and better product choices. The Company is currently in negotiations with several potential partners regarding the model selection of its first second brand car.

Moreover, the Company previously received a written notice from Nasdaq confirming that the Company has again met the stock price and regular reporting requirements of the Nasdaq Listing Rules, and the Company now meets all Nasdaq continued listing standards.