Shares of EV maker Faraday Future Intelligent Electric (NASDAQ:FFIE) are soaring higher today after the company managed to secure the necessary funding to begin the production of its FF91 Futurist model.
FFIE has executed agreements for $135 million in financing commitments in the form of convertible secured notes. Multiple names including affiliates of ATW Partners and Acuitas Capital participated in the deal.
This move means, FFIE now has the funds to begin FF91 production which is anticipated to begin at the end of March this year. Importantly, deliveries are expected to start before the end of April.
Next, FFIE plans to hold a special shareholder meeting at the end of this month to propose an increase in its authorized Class A shares. FF91 Futurise offers 1,050 horsepower, a 381-mile range, and can go from 0 to 60 mph in 2.27 seconds.
Despite today’s gains, FFIE shares are still down 73% over the past year while short interest in the stock remains elevated at about 16% at present.
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