Faraday Future Intelligent Electric Inc. FFIE said late Thursday it plans an additional $50 million raise from institutional investors and a “potential” additional raise from its stockholders to “further strengthen” its balance sheet and fund its production ramp-up. The EV startup also set a special shareholder meeting on March 30, as it needs shareholder approval for recent transactions and needs to ratify Mazars as its public accounting firm. Faraday stock edged higher in the extended session Thursday after ending the regular trading day up 2.8%.
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