Faraday Future signs term sheet to sell RobotCo to AIxCrypto for $200 million
FFAI•Faraday Future signed a non-binding term sheet to sell its robotics unit, RobotCo, to AIxCrypto Holdings for $200 million. Consideration would be paid in AIxCrypto common and non-voting convertible preferred stock, subject to conditions including shareholder approval.
1. Proposed sale terms
The proposed $200 million consideration would be paid in AIxCrypto common stock and non-voting convertible preferred stock, subject to a shareholder-approval conversion blocker. Per-share pricing would be the lower of $2.246 or the five-day average closing price before definitive agreements are signed; if the price is below $2.246, AIxCrypto plans a one-time conditional special stock dividend tied to the pricing gap.
2. Closing conditions
Closing is conditioned on internal restructuring into RobotCo, audited financials, retention of key employees, approvals and no material adverse change.
