EV Company Faraday Future Inks an Agreement to Raise up to $350 Million

Faraday Future inks an agreement to raise up to $350 million

On Monday, electric vehicle startup Faraday Future Intelligent Electric announced it has inked a contract to raise up to $350 million in preparation for the launch of its FF 91 premium vehicle.

The company claims that the $200 million in financing it has secured from a Yorkville Advisors Global affiliate will allow it to begin production and fulfill client orders.

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In September, Faraday Future settled a governance disagreement and raised $100 million despite claiming that a “misinformation campaign” and threats against some board members had hurt its fundraising efforts.

After receiving a warning from the Nasdaq Stock Market for failing to maintain a minimum bid price of at least $1 per share for 30 consecutive sessions, the company’s shareholders accepted a reverse stock split proposal last week. (Akas Sriram in Bengaluru contributed reporting, and Vinay Dwivedi edited the finished product.)