Faraday Future bet the farm to secure its multi-billion dollar investment from China [The Verge]
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Source: The Verge
Everything is on the line, as the identity of the investors emerges The eleventh-hour investment that saved Faraday Future from running out of cash at the end of 2017 came at a steep price. While CEO and founder Jia Yueting has secured enough cash to keep his electric car efforts alive, The Verge has learned that Faraday Future’s fate now lies in the hands of a twisting series of offshore holding companies that trace back to Hong Kong and mainland China. And the entity at the top of this new structure now holds Faraday Future’s cards — including the company’s intellectual property. The complete terms of the agreement in place have not been disclosed, though it’s now being reported that the total investment is close to $2 billion . New shareholder agreements sent to former employees, seen by The Verge , show that Class A shareholders now own non-voting stock in a new Cayman Islands company called “Smart King Ltd,” which now sits over all of Faraday Future’s subsidia
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