Shulou(Shulou.com)11/24 Report--

Thank you CTOnews.com netizen Hello ah_rabbit clue delivery! CTOnews.com May 10 news, According to Faraday Future official micro bo release, Faraday Future today announced the signing of $100 million (currently about 692 million yuan) financing unsecured convertible bonds final agreement, The cash from this financing is expected to be used to support the flagship FF91 continued production ramp and sales and service system development. Completion of the transactions covered by this financing is subject to the satisfaction or waiver of certain conditions and enforceability restrictions.

The principal investors in this unsecured convertible bond financing are Metaverse Horizon Limited, an independent investment fund whose investors include FF Global Partners ("FFGP") and V W Investment Holding Limited, a connected entity of a long-term shareholder of the Company.

FFGP, a partnership of 20 current and former FF executives, committed $80 million as cornerstone investors in this round (CTOnews.com note: currently approximately RMB 554 million).

Faraday Future said that under the terms of the financing agreement, the initial settlement amount of US $15 million (currently about RMB 104 million) will be completed within five working days after the applicable settlement conditions are met or waived by all parties. These conditions include, among other things, a valid registration statement in relation to the shares in question, sufficient authorized, unissued and uncommitted Class A common shares, and the Company's achievement of certain delivery milestones. There will be seven subsequent deliveries, each within fifteen business days of the applicable previous delivery date.

FF has a third party beneficial interest in the equity commitment letter with FFGP and the sole shareholder of V W Investment Holding Limited and is able to enforce delivery or seek compensation subject to specified restrictions. If these investors breach their obligations under their respective equity commitment letters, the Company may not be able to recover losses resulting from such defaults and the Company may not be able to receive capital contributions as a result of such defaults. For details of the terms, conditions and funding schedule of the unsecured notes and warrants and the related securities purchase agreements and equity commitment letters, please refer to the Company's Form 8-K filed with the Securities and Exchange Commission.

The Company also entered into the Eighth Amendment to the Securities Purchase Agreement and made amendments to certain secured notes and warrants, including waiving certain pre-emptive rights and full ratcheting anti-dilution price protections associated with the Company's unsecured notes, warrants and employee stock purchase plans, and unifying conversion price and interest compensation in secured and unsecured notes.

The first Faraday Future FF 91 production car was officially launched on April 15. The FF 91 series has three models: FF 91, FF 91 Futurist and FF 91 Futurist Alliance. Faraday Future has delayed the delivery of the first batch of FF 91 Futurist, which was originally scheduled for April, but needs to be postponed until the end of May due to supplier supply problems.

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