- Faraday Future Intelligent Electric Inc FFIE has signed a non-binding term sheet agreement with a major shareholder, FF Top Holding LLC, for a proposed convertible term loan facility.
- The principal amount of the proposed financing amounts to $600 million.
- The term sheet contemplates that several financial investors, to be identified by FF Top, would participate in the proposed financing through a new or existing investment vehicle in a principal amount of at least $100 million.
- The facility will include two tranches, each up to $300 million.
- Price Action: FFIE shares are trading higher by 27.45% at $2.54 on the last check Tuesday.
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