Despite EV delivery delays, Faraday Future raises $90M to stay afloatFaraday Future has managed to raise $90 million from existing investors to help it get its much-delayed FF 91 luxury electric SUV to production and delivery. Faraday’s investors will also accelerate an existing commitment of $15 million, the EV company said Tuesday.
Faraday is one of a litany of EV SPACs — EV startups that went public via a merger with a special purpose acquisition company — that has struggled to stay afloat. The company keeps burning through cash and putting its hand out for more, while pushing the delivery date of its vehicles. Against that backdrop, Faraday Future has also been investigated by the U.S. Securities and Exchange Commission and the Department of Justice, and suffered through one internal drama after another.
Despite repeated production delays and an inability to deliver vehicles into customers’ hands, Faraday in May announced that its luxury EVs would have ChatGPT capabilities, an attempt to jump on the AI bandwagon and attract attention. And perhaps it worked, because the company, which as of April only had $30 million to its name, now has somehow managed to convince investors to give it millions more.
Per an SEC filing, Faraday’s latest funds will be led by private equity firm ATW Partners with participation from Senyun International.
The company, which said in May that it hopes to raise $100 million in debt to support initial deliveries, will continue to seek additional funding sources. Faraday Future had planned to begin deliveries of its FF 91 Futurist at the end of May but needed to secure “substantial additional financing” first. It’s not clear if those deliveries have begun, and Faraday didn’t reply in time to TechCrunch to comment.
Shares popped 5%, or a whole penny, after the news, but have since dropped back down. Faraday’s stock closed at $0.24 on Tuesday.
Faraday’s funding comes as peer EV SPAC Lordstown Motors files for bankruptcy protection and sues its investor and manufacturing partner Foxconn for failing to make good on its investment commitments.

As Lordstown immolates, SPAC deals that didn’t go to zero feel like the exception

Despite EV delivery delays, Faraday Future raises $90M to stay afloat by Rebecca Bellan originally published on TechCrunch

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Nevada financial regulator petitions court to place Prime Trust into receivershipThe filing suggested Prime Trust had financial liabilities to its users totaling more than $82 million in fiat and $800,000 in crypto.

Register For The 20th Annual IAMARegistration is now open for the 20th Annual IAMA (International Acoustic Music Awards), which provides an opportunity for acoustic artists everywhere to get prominent radio and web exposure and compete for awards in eight categories including Best Male Artist, Best Female Artist, Best Group/Duo Folk, Americana/Roots/AAA, Instrumental, Open (any musical style or genre), and Bluegrass/Country, as well as an Overall Grand Prize award worth over US$11,000.00, which includes radio promotion on over 250 radio stations in the U.S. and Canada.

Sponsored by New Music Weekly, Loggins Promotion, Airplay Access, Sirius XM Radio, Solid State Logic (SSL), Ditto Music, Acoustic Café Radio, Paige Capo, Make Music Matter, Kari Estrin Management & Consulting, and Sonicbids, IAMA has a history of winners getting signed and moving up the Billboard charts. Past awardees include Meghan Trainor, Zane Williams, Jeff Gutt, Charlie Dore, Bertie Higgins & Bellamy Brothers, Ryan Sheridan, Pat Byrne, and Deidre McCalla. Entry deadline is November 20, with details at: inacoustic.com/The post Register For The 20th Annual IAMA first appeared on Music Connection Magazine.

Snafu Records launches AI-powered financing platform for indie artists backed by $7m round of funding led by Pophouse EntertainmentNew funding round also saw participation from music manager Marc Jordan through his investment fund Blue Amber Investments
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African music streaming service Mdundo forecasts 35% MAU growth in upcoming fiscal yearMdundo said it expects to hit 35 million MAUs in FY 2023-2024
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Spotify to delete artist data this Friday: How to save yoursSpotify will delete all artist data over two years old plus the year-to-date across the entire Spotify for Artists analytics platform this Friday, June 30th. We have instructions on how. Continue reading
The post Spotify to delete artist data this Friday: How to save yours appeared first on Hypebot.

What is an EPK? And how to make oneLearn about the importance of having an electronic press kit on hand, and how you can get started on making your own… by Scott McCormick from the Disc Makers Blog. Continue reading
The post What is an EPK? And how to make one appeared first on Hypebot.

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Bucket One Is A FREE Crumar BIT Plugin By Full Bucket Music
Full Bucket Music releases Bucket ONE, a FREE 80s-inspired synth plugin for macOS and Windows. Bucket ONE emulates the sound of the Crumar BIT 01/99 synths from the mid-80s. It is the latest candidate for our free retro synthesizers article. These Crumar synths are pretty desirable today, but for one reason or another, they didn’t [...]
View post: Bucket One Is A FREE Crumar BIT Plugin By Full Bucket Music

Denon DJ’s Prime 4+: first standalone controller with Stems isolation
On June 29, Denon DJ’s latest piece of hardware will become available to the global masses with the launch of the Prime 4+. The 4-deck controller is the first standalone to exist with a Stems separation ability, as well as built-in Wi-Fi to use major streaming services like Amazon Music, Beatport, TIDAL and more. Key […]
The post Denon DJ’s Prime 4+: first standalone controller with Stems isolation appeared first on DJ TechTools.

Korg unveil Opsix SE The Opsix SE is an enhanced version of their Opsix FM synthesizer that features a 61-note keybed with aftertouch and offers increased polyphony.