NOTE 17 — SUBSEQUENT EVENTS

On April 10, 2026, the Company entered into first and second amendments to its previously disclosed entrusted investment agreement with GKA and Song Wang, which expanded the scope of entrusted assets to include preferred equity and debt instruments of Faraday and modified certain governance and option provisions. On April 14, 2026, GKA and Faraday executed an amended and restated securities purchase agreement increasing the aggregate investment to $12.0 million, consisting of purchases of Faraday Class A common stock and newly designated Series C Convertible Preferred Stock. The amended agreement eliminated prior price protection provisions in exchange for the issuance of a warrant exercisable for 1,000,000 shares of Faraday Class A common stock, subject to customary ownership limitations and Nasdaq requirements. The transaction closed on April 15, 2026, upon which the subject securities were issued.

In connection with the transaction, GKA provided a $2.0 million unsecured loan to Faraday on April 10, 2026, funded by the Company under the entrusted investment agreement. Upon execution of the amended and restated securities purchase agreement on April 14, 2026, all outstanding principal and accrued interest under the loan were canceled and extinguished and the loan agreement was terminated. As these agreements were executed after the balance sheet date and do not provide evidence of conditions existing as of that date, they represent non-recognized subsequent events under ASC 855, and no adjustments have been made to the Company’s unaudited condensed consolidated financial statements.

On April 17, 2026, the Company filed a Registration Statement on Form S-8 to register an aggregate of 1,047,865 shares of the Company’s common stock, par value $0.001 per share, reserved and available for issuance pursuant to the Company’s 2025 Equity Incentive Plan.