ITHome News on October 14: Jia Yueting today released a video,announcing that FFR and FFAI have officially signed a definitive agreement. FFR will merge FFAI's robotics assets and business in an all-stock deal at $2.246 per share (ITHome note: approximately RMB 15.1 at the current exchange rate), a premium of about 55% over yesterday, at a valuation of approximately $200 million (approximately RMB 1.341 billion at the current exchange rate); FFR's fully diluted equity value before closing is approximately $60 million (approximately RMB 402 million at the current exchange rate).
He said,FFR will become the first Pure-Play stock in the US market for the "Four-Core Full-Intelligence" humanoid and biomimetic EAI robotics ecosystem, targeting a top-three comprehensive ranking in the EAI robotics industry within five years, and making the company one of the most valuable EAI companies in the Physical AI era.
According to reports, the transaction was approved by a special committee of the board of directors composed of independent directors with no conflicts of interest in FFAI and FFR, and was supported by a fairness opinion issued by an independent financial advisor retained by the special committee.
At the same time, FFR completed the signing of a first-round PIPE financing of no more than $10 million (approximately RMB 67.05 million at the current exchange rate), conducted at market price, with no price discount and no warrants, and with relatively low financing costs.This round only opened up approximately $10 million (approximately RMB 67.05 million at the current exchange rate) in financing quota, which both meets current funding needs and reduces unnecessary equity dilution to support shareholder interests.
Both parties expect to complete all closing procedures by the end of this month. Jia Yueting also announced relevant financial and business details:
On the financial side, after closing, FFR will be nearly debt-free and travel light,with cleaner financial statements that better highlight the company's enormous value. Based on seven unique value advantages including the Four-Core Full-Intelligence EAI technology advantage and an asset-light model, FFR targets a top-three comprehensive ranking in the EAI robotics industry within five years,and achieving positive operating cash flow no later than Q3 2028, with cumulative financing needs before then expected to be no more than $150 million (approximately RMB 1.006 billion at the current exchange rate).
On the business side: FFR's extremely strong operating fundamentals will be unlocked faster. As the first US company to deliver both humanoid robots and biomimetic robots, FFR is accelerating the conversion of its first-mover advantage into competitive victory. In less than a year, it has initially built a complete "Four-Core Full-Intelligence" ecosystem and established unique EAI technology advantages including "one brain, multiple forms; multiple forms, multiple capabilities"; it has completed Phase 1 of the "Built in USA" acceleration program, with the FF EAI Robotics World 2.0 fully assembled.FFAI has launched more than 20 robot products covering three form factors, five series, and a dozen-plus major models, and continues to accelerate delivery to users.As of the end of September (9), cumulative sales and shipments of EAI robot units reached 817 units, with deliveries maintained at positive gross margin.。
ITHome's inquiries found that FFR was previously named AIxC (AIxCrypto Holdings Inc.), founded on March 29, 2004, and is a NASDAQ-listed technology infrastructure company whose business involves embodied intelligence (EAI), AI agent platforms, and more. Faraday Future is the controlling shareholder, and the two parties have a strategic partnership.
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