Faraday Future shares jump after $30M financing, Faraday X strategy

Shares of California-based global shared intelligent electric mobility ecosystem company, Faraday Future (FFIE) Intelligent Electric spiked up approximately 35% at its high on Monday to $1.59 per share, after announcing that it has secured approximately $30M in cash financing commitments. The funds will be used to accelerate the Company’s growth and the development of Faraday X or FX, FF’s strategy of launching affordable high performance AIEV equipped vehicles with cutting edge technology, filling the U.S. market gap in this segment, and for general corporate purposes. Targeting the mainstream EV market in the U.S., FF is expected to have its first two FX prototype mules arrive in Los Angeles later this month, with product development and testing scheduled to begin at FF’s manufacturing facility in Hanford, CA. As part of their delivery journey, the two prototype mules will stop in Las Vegas from January 5 to 7 where the Company will provide updates on its FX strategy. The $30M financing commitment includes a pre-funded $7.5M , which was received in the fourth quarter of this year, and $22.5M in new cash commitments structured in the form of unsecured convertible notes and warrants to acquire additional shares of the Company’s common stock.