Faraday Future Plans to Raise $50 Million to Shore up Balance Sheet
Dow Jones2023-03-10
Faraday Future Intelligent Electric Inc. said late Thursday it plans an additional $50 million raise from institutional investors and a “potential” additional raise from its stockholders to “further strengthen” its balance sheet and fund its production ramp-up. The EV startup also set a special shareholder meeting on March 30, as it needs shareholder approval for recent transactions and needs to ratify Mazars as its public accounting firm.
Faraday stock fell 0.8% in the extended session Thursday after ending the regular trading day up 2.8%.
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