Faraday Future Intelligent Electric Inc. (NASDAQ: FFAI) amended its securities purchase agreement with Gold King Arthur Holding Limited to increase the total investment from $10 million to $12 million, according to a company statement.

The amended agreement allocates $500,000 for common stock purchases and $11.5 million for newly designated Series C preferred stock that converts to common stock. The company also eliminated an anti-dilution provision, replacing it with a warrant to purchase up to 1 million shares at $1.50 per share with a four-year term.

The warrant becomes exercisable only after Faraday Future delivers its 500th FX Super One vehicle to customers. Gold King Arthur Holding Limited was identified by AIxCrypto Holdings Inc. (NASDAQ: AIXC).

Under the revised terms, the per-share purchase price equals the average closing price over 10 trading days prior to the April 14 signing date. Based on a reference price of $0.26 per share, the $500,000 common stock investment corresponds to 1,923,077 shares of Class A Common Stock.

AIxCrypto pre-funded the $12 million to Faraday Future on behalf of the investor ahead of the transaction closing. The company stated the proceeds will support its robotics and FX Super One businesses, including initial robotics deliveries and advancement toward delivery targets.

"This agreement eliminates a source of uncertainty in our capital structure and demonstrates our commitment to protecting stockholder interests," said Jerry Wang, Global President of Faraday Future.

The shares underlying the warrant and convertible preferred stock will initially be unregistered and subject to transfer restrictions under federal and state securities laws.