Faraday Future announced that it has secured $30 million in financing commitments from investors in the Middle East, the United States, and Asia.

Faraday Future ’ s U.S.-listed shares soared 21% in premarket trading on Friday.

Faraday Future, a California-based global shared intelligent electric mobility ecosystem company, announced today 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, underscoring the Company ’ s successful expansion and development efforts in the region. This financing not only validates Faraday Future ’ s progress in enhancing its international presence but also strategically positions the Company for growth and new business opportunities.

The new financing commitment includes a previously funded $7.50 million and $22.50 million of new investment ( the "Financing" ) in the form of convertible notes ( "Convertible Notes" ) and warrants to acquire additional shares of the Company ’ s common stock ( "Warrants" ) . 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 as set forth therein. 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. For additional information regarding the material terms relating to the Financing, please see the Company ’ s Form 8-K to be filed with the SEC by September 6, 2024.