05:40 PM EDT, 03/24/2025 (MT Newswires) -- Faraday Future Intelligent Electric (FFAI) said late Monday it has secured $41 million in new financing commitments through unsecured convertible notes and warrants, with the potential to raise up to $51 million if additional commitments are secured before the first closing.

The agreement includes an initial commitment of $39.5 million in cash and a $1.5 million debt conversion, with funding set to occur in four closings. The company may secure up to an additional $10 million in financing if new investors commit before the first closing.

As part of the agreement, Faraday Future will file a registration statement with the US Securities and Exchange Commission to register the resale of shares issuable upon conversion of the notes and exercise of the warrants.