Faraday Future Increases Securities Purchase Agreement Amount to $12M

Faraday Future (FFAI) has amended and restated the securities purchase agreement initially entered into on February 4 with Gold King Arthur, a designated third-party investor identified by AIxCrypto (AIXC) to increase to the total purchase amount from $10M to $12M, $500K for common stock and $11.5M for preferred stock; terminate the anti-dilution true-up provision and replace it with a fixed, milestone-linked warrant, and revise the per share purchase price to the average closing price of the 10 trading days prior to the signing date of the A&R Agreement. The company believes the Amendment is favorable to existing stockholders, by replacing dilution exposure with a fixed obligation tied to operational milestones and increasing the total purchase amount to support its EAI Strategy Execution. Based on the new reference price of 26c per share, the $500K common stock investment corresponds to the issuance of 1,923,077 shares of Class A Common Stock. The company has received $12M in gross proceeds pursuant to the A&R Agreement, which AIxC has pre-funded to the company on behalf of such investor in advance of closing of the transaction. Proceeds support the company's robotics and FX Super One businesses, including the commencement of initial EAI robotics deliveries and the continued advancement of the FX Super One strategy as the Company progresses toward its start-of-delivery targets.