Los Angeles – October 14, 2026 -- FF EAI Robotics Ecosystem Inc. (NASDAQ: FFR) signed definitive agreements to acquire the full robotics business of Faraday Future Intelligent Electric Inc. (NASDAQ: FFAI) in an all-stock transaction. The deal values the FFAI robotics unit at about $200 million and FFR at about $60 million on a fully diluted basis.
FFR issues shares at $2.246, a roughly 50% premium to market
FFR will issue shares to FFAI at $2.246 each. That is about 50% above FFR's $1.50 close on the October 12 signing date and about 55% above its $1.45 close on October 13. The parties expect all closings by the end of October 2026.
The definitive agreements replace a previously announced non-binding term sheet. The special stock dividend mechanism in that term sheet is not part of the final deal, a change the companies say simplifies execution. Special committees of disinterested independent directors at both companies approved the transaction. Advanture Capital Solutions LLC, financial advisor to the FFR committee, issued a fairness opinion. Loeb & Loeb LLP advised the FFR committee, and Pryor Cashman advised FFAI.
FFAI will hold 65.7% of FFR after closing
On an as-converted, fully diluted basis, post-closing ownership breaks down as follows:
- FFAI: about 65.7%, with all newly issued shares under an 18-month lockup
- Management and employees: about 18.2%
- PIPE investors: about 5.5%
- Other FFR stockholders: about 10.7%
Those figures leave a freely tradable float of about 13 million shares, or 10.7% of the total. The companies say the estimates may change with final capitalization and PIPE terms.
FFR secures up to $10 million in PIPE funding with no discount or warrants
FFR closed its first PIPE round at up to $10 million, priced at market with no discount, no warrants and low financing costs. The company capped the round to cover current funding needs and limit dilution. PIPE investors cannot sell for six months or before the resale registration statement becomes effective.
FFR attributes its $60 million valuation to its Nasdaq listing, existing shareholder base, simple balance sheet, minimal debt and absence of outstanding convertible notes. It also cites its RoboShare business and financial assets, including cash, note receivables and investments in FFAI.
FFAI robotics shipped 817 units through September
FFAI has launched 24 products across three robot forms and begun customer deliveries. Cumulative EAI Device sales and shipments reached 817 units by the end of September. In the second quarter, average gross margin on robotics products exceeded 30%, and cumulative revenue was about $1.52 million. FFAI has completed Phase One of its "Built in USA" Acceleration Program.
Business plan projects $1.98 billion cumulative revenue through 2030
The unaudited plan for the robotics business projects the following:
- 2026 revenue of about $7 million at a 10% gross margin
- 2027 revenue of about $45 million at a 30.5% gross margin
- Cumulative 2026-2030 revenue of about $1.98 billion, with gross margin rising to 54% in 2030
- More than 130,000 cumulative EAI Device units sold over 2026-2030
FFR targets positive operating cash flow no later than the third quarter of 2028, with cumulative financing needs of no more than $150 million. It aims to rank among the top three EAI robotics companies within five years and describes itself as the first U.S.-listed pure-play humanoid and bionic EAI robotics company.
FFR's governance framework will draw on the arrangements between FF Global Partners LLC and FFAI.