10:04 AM EDT, 07/16/2025 (MT Newswires) -- Faraday Future Intelligent Electric ( FFAI ) said Wednesday it has secured about $105 million in new cash financing, including $82 million of new financing commitments mainly in the form of unsecured convertible notes and warrants to acquire additional shares of its class A common stock.

The $105 million transaction also includes $22 million in cash received from previous investors through the conversion and exercise of convertible securities issued in prior financings, the company said.

Faraday Future also said the US Securities and Exchange Commission recently sent a Wells Notice to the company and to two of its executives, YT Jia and Jerry Wang, and two other former employees.

The Wells Notice stated that the regulator's staff made a preliminary determination to recommend that the SEC file an enforcement action against them for alleged violations of various anti-fraud provisions of the federal securities laws, the company said.

The company said a Wells Notice is neither a formal charge of wrongdoing nor a final determination of violation of any law.

Faraday Future said the company, Jia and Wang plan to engage with the SEC staff about why an enforcement action is unwarranted.

Faraday Future shares were 1.9% higher in recent trading.

Price: 2.11, Change: +0.08, Percent Change: +3.94