Faraday Future, strapped for cash, explores strategic options

Posted on

Faraday Future said Thursday that it explores strategic options, including financing with debt and equity, two days after the co-founder of the Chinese electric vehicle developer Nick Sampson resigned.

The company said it can now welcome potential investors from around the world.

The move was made because the company, which has the ambition to overtake Tesla, is engaged in a bitter legal battle with its main investor, the Chinese Evergrande Health Industry Group, after a $ 2 billion planned investment became acidic.

Last week, Faraday Future was relieved to seek funding from sources other than Evergrande Health, according to an interim ruling by an arbitration court in Hong Kong.

Faraday Future has retained Stifel, Nicolaus & Co as financial advisor.

  FCA plans in-depth virtual immersion site for CES 2021