30 Nov '17, 8pm

$500 Million or Bust for Troubled Automaker Faraday Future

$500 Million or Bust for Troubled Automaker Faraday Future

Faraday Future continues to see red. This time, it’s scrambling to complete a $500 million Series A fundraising round by a December deadline with potentially troubling signs ahead. According to a Bloomberg report, Faraday Future will be responsible for paying a $400 million convertible note plus 12 percent interest to Chinese investors if it cannot raise $500 million by a December deadline. The cash would be used to build its flagship FF91 concept car and advance past the prototype stage. If the round of funding goes through, all debt would be converted into shares. In a statement by the company, it said: “we decline to comment, other than we acknowledge that we are in the process of our round A fundraising.” No word on where exactly Faraday Future stands and its likelihood of success as we head into December. In another development signaling trouble, Faraday Future announ...

Full article: http://www.hybridcars.com/500-million-bust-troubled-autom...

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