BusinessNewsTechnology

EV startup Faraday Futures plans to cancel investment, reportedly unable to meet commitments

    0

    Faraday Futures was in talks with Evergrande Health a Chinese healthcare company for a 45% stake through a $2 billion investment. The company spent $800 million of the amount that it expected to receive from Evergrande and was struggling to clear the dues of suppliers and vendors when Evergrande failed to make a payment of $700 million as sought by Faraday. The company has now moved for an arbitration in an effort to cancel the deal after it failed to receive the payout. On its part Evergrande maintained that Faraday had not fulfilled its obligations for the funding while the latter maintained that it did fulfill all requirements.

    This has pushed Faraday to put an end to the deal and the company took to the micro blogging site Twitter to announce the development. The announcement also carried a rebuttal of Evergrande’s claim that Jia Yueting, the founder and CEO had influenced the board to receive the 700 million advances.

    Source : HeadTopics

    Roundup of 10 events that you need to know before the markets open

    Previous article

    Ways to check if your Facebook account is hacked

    Next article

    You may also like

    More in Business