On September 6th, Faraday Future (FF) announced that it has received $30 million in financing commitments from investors in the Middle East, the United States, and Asia. In addition, the company has received written notice from NASDAQ confirming that it has re met the stock price requirements and periodic reporting requirements of the NASDAQ Listing Rules, and the company now meets all the standards for continued listing on NASDAQ.
According to sources from Faraday Future, Master Investment Group, an investment company based in the United Arab Emirates, participated in this financing. Master Investment Group is located in Ras Al Haima, United Arab Emirates and is owned by Sheikh Abdulla Al Qassimi. Through this financing, Faraday Future further strengthens its international influence and lays a strategic foundation for its future business growth and seizing new opportunities.
This new funding will bring more possibilities to FF, including supporting our ongoing FF 91 2.0 production and strengthening product and software updates, which I am encouraged by. Matthias Aydt, Global CEO of Faraday Future, said that Faraday Future is a unique and distinctive electric vehicle company with significant growth potential, especially now with the ongoing global automotive industry bridge strategy and second brand plan.
This financing includes a pre injection of $7.5 million and an additional $22.5 million in the form of convertible notes and warrants to purchase the company's new common stock in the future. The conversion price of convertible notes is $5.24 per share, and the exercise price of warrants is $6.29 per share, which can be adjusted according to relevant agreed terms.
According to the plan, Faraday Future will hold the FF second brand strategy and global automotive industry bridge launch event on September 19th. The company will integrate the advantages of the US automotive industry and market with the advantages of Chinese OEMs and component suppliers, focusing on creating products in the price range of $20000 to $80000.