A California-based auto company is off to the races Monday after the company announced $135 million in convertible secured notes financing commitments. These commitments are expected to provide the company with sufficient funding to reach its FF 91 Futurist start of production milestone, according to the release.
This news has traders bidding rather aggressively for shares of %FaradayFutureIntelligentElectric () with a premarket bid of $1.37/share (+26.85% implied open for sellers). This move will be a strong continuation of Friday’s success after shares closed up at $1.08/share (+9.08%) to finish up last week.
Faraday Future Intelligent Electric Inc is a global shared intelligent mobility ecosystem. It is poised to break the boundaries between the Internet, IT, creative, and auto industries with product and service offerings that integrate new energy, AI, Internet, and sharing models. FF 91 is its first production vehicle and flagship model.