Faraday Future announced that it has secured $25 million in financing.

36Kr learned that on May 16, Faraday Future announced that the company had signed a $25 million share purchase agreement with institutional investors. According to the agreement, the investors have subscribed for convertible promissory notes with a total principal amount of $25 million in the company. The common shares corresponding to this financing have not been registered yet, and there are trading restrictions, so they cannot be immediately circulated. Among them, $12.5 million will be directly remitted to the company's operating account; the remaining $12.5 million will be deposited into a escrow account controlled by the investors in accordance with the controlled account agreements signed by the company and each investor, and will be released to the company for use after specific conditions are met.