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 17% in overnight trading.

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.

In April 2024, the Company announced the establishment of a Middle Eastern sales entity in Dubai, an important milestone for the Company. With FF ’ s entry into the Middle East, it now operates a "third pole" geographic strategy expanding its reach beyond the U.S. and China.

FF ’ s Global Automotive Industry Bridge Strategy and second brand approach will help the Company to leverage AI and software technologies for its users across multiple market segments, potentially accelerating FF ’ s mass-market entry while maintaining its ultra-luxury offering. FF remains focused on executing its global strategy and bringing its unique vision of intelligent electric mobility to a broader audience. FF expects to integrate the strengths of the U.S. automotive industry and markets with those of Chinese original equipment manufacturers ( OEMs ) and parts suppliers focusing on the $20,000 to $80,000 price segment.