Faraday Future (FF), which recently reported the IPO news, has once again made significant progress in financing. According to the official FF news, the company has obtained a debt financing loan of up to 45 million US dollars from two major financial institutions, which is also the refinement and expansion of its debt financing loan in 2019. The completion of this financing indicates that FF will once again obtain the operation funds before the IPO, which helps FF survive in the short-term crisis of cash flow.
The two major financing institutions which provide the financial support to Faraday Future are BIRCHLAKEFUNDMANAGEMENTLP (Birch Lake) and ATW Partners. Among them, Birch Lake is one of the most famous merchant banks operating the bank businesses including long-term, mid-term, and short-term financing services, which is located in Chicago, USA. By confidentially recognizing the FF’s team, product, and technology, Birch Lake helped FF survive the previous financial crisis and continues to support FF this time, while ATW Partners is a private equity firm located in New York which has the rich experiences in the IPO incubation of US stock. By recognizing the short-term potential of FF, ATW Partners has become a newly joined co-financial provider.
Faraday Future Production Plan
Fukang Bi, the CEO of Faraday Future, said that Birch Lake is a reliable advocate, consultant, and financial partner to FF while expressing his thanks to the supports of Birch Lake and ATW Partner with their promotion of financial plan completion and volume production of FF91.
According to the Faraday Future production plan, FF91 will start its volume production 9 months after the completion of equity financing. Also, the FF81 electric vehicle and its future models, as well as the development and preparation of the next-generation core technology will be completed as soon as possible.
It is understood that Faraday Future is supported by Stifel Nicolaus & Co.(Steifer) and Sidley Law Firm with investment, financing, and legal advisory help. The relevant person in charge of FF said that Steifer is a renowned investment bank in the United States, while Sidley Law Firm is also a world-famous law firm in the global IPO field. The person also informed journalists that there is another world-class investment bank that makes the contract with Faraday Future and is providing Faraday Future with investment, financing, and IPO consulting services.