Faraday Future Intelligent Electric Inc. shares fell 1.3% after the microcap company said it reached an agreement with an affiliate of Yorkville Advisors Global LP for an equity line of credit of up to $350 million. The company expects to file the equity line of credit in the near future through a form S-1 with the U.S. Securities and Exchange Commission. Faraday Future Intelligent Electric said it plans to sell Class A common stock to Yorkville Advisors at a discounted price of 97% of the three-day volume-weighted average price at the time of funding. The $210 million market cap company is developing the FF 91, which it describes as a large techluxury car with 1,050 horsepower and an EPA range certification of 381 miles.
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