Faraday Future Intelligent Electric Inc. (FFIE) has seen a notable increase in its stock price following the announcement of securing $30 million in financing. This new funding is aimed at bolstering the company's core business and supporting the ramp-up of its Faraday X (FX) strategy. The financing includes a $7.5 million prepayment received in the fourth quarter and a $22.5 million new cash commitment, structured as unsecured convertible notes and warrants. The conversion price for the notes and the exercise price for the warrants are set at $1.16 and $1.392 per share, respectively. This financial boost is expected to aid in the continued production of the FF 91 2.0 and the growth of the FX brand, with the first models, FX 5 and FX 6, anticipated to be priced between $20,000 and $50,000 and targeted for production by the end of 2025.
The stock is currently trading at $1.35, reflecting a 16.38% increase from the previous close of $1.16.