FF said it signed an accelerated investment in the US investment bank to assess net assets exceeding $600 million.

 FF said it signed an accelerated investment in the US investment bank to assess net assets exceeding $600 million.

New progress has been made in FF financing. The reporter of Securities Daily learned from FF that after opening up global financing, FF has formally signed a contract with Stifel, the top investment bank in the United States for one hundred years, to speed up the financing process in an all-round way.

According to FF, Stifel has sent its core staff to FF, and has discussed financing, project progress and supply chain relationship maintenance with FF finance, product and supply chain leaders.

As recently as October 31, FF said in a statement that while working hard to retain the partnership between employees and suppliers, we are currently in further negotiations with a number of global investors from different backgrounds. After the break-up of the relationship with Hengda, FF fell into cash flow difficulties and had to take various ways to save itself, such as layoffs and salary cuts. It was announced that most of the employees who joined FF after May 1 this year would be suspended in November and December, leaving only about 500 employees to continue to work in the company to promote the delivery of FF91 production.

In October 25th, the Hongkong International Arbitration Center ruled that FF obtained the maximum amount of $500 million in financing rights. Then, the reporter of Securities Daily confirmed from FF China that two senior executives of FF, Nick Sampson, senior vice president of product development, and Peter Savagian, senior vice president of technology and product development, resigned in the next week. The company (FF) is virtually bankrupt in terms of financial and personnel assets, Sampson said in a subsequent interview with the media.

The equity financing right of US$500 million is very important to FF. This fund can basically meet the demand of mass production delivery of FF91. Several former senior executives did not disagree with FFs vision and the value of product technology. They believe that they will return to FF team when their capital condition improves, a FF insider wrote to Securities Daily. At present, FF has further negotiations with investors from Europe, the United States and the Middle East, he said.

According to FF, since FF has acquired a financing right of US$500 million, Stifel will make every effort to help FF complete the consultation with investors as soon as possible and help FF overcome the difficulties in stages. Stifel will also rely on its own resources and experience to help FF tailor-made short-term debt financing solutions.

As for creditors rights financing, FF has been trying to use the way of pledging core assets for short-term borrowing. However, as the largest shareholder, Hengda Health applied for the preservation of FF core assets, resulting in serious damage to the fund planning of FF for self-rescue.

After the results of the emergency relief arbitration came out, Hengda Health said in its announcement that the arbitration tribunal rejected FFs request for the dissolution of assets mortgage. But this statement was subsequently denied in FFs official statement. FF said that the arbitral tribunal did not make any ruling on FFs claim for the dissolution of the mortgage of FF assets by Evergrande, but would make a ruling in another emergency relief arbitration. The two sides once again fell into the Luo Sheng men.

FF has reached an agreement with financial institutions to secure loan support through company equipment, but Evergrande has always refused to release the pledge of assets. One FF insider said. According to the person, Steve has made a comprehensive assessment of FFs existing assets. FFs net assets in the United States are worth more than $600 million, while its debt is tens of millions of dollars.