Faraday says it will reach an agreement on a $350 million standby equity credit line in the future.

On Nov. 15, Faraday Future, an electric car startup, said on Monday local time that it had signed an agreement to raise up to $350 million.

At present, Faraday is working hard to launch the FF 91 luxury electric car in the future. The company said financing from an affiliate of Yorkville Advisors Global, the investment management company, gave Faraday more financial flexibility to start electric vehicle production and product delivery in the future.

The initial commitment of the standby equity credit line agreement is $200 million, which can be increased to $350 million depending on the company's choice.

Faraday just settled an internal governance dispute in September and raised $100 million. The company had previously said that a "false information campaign" and threats to some board members had affected its financing.

Last week, Faraday received notice from the Nasdaq stock market that the company's shares had failed to keep a minimum price of at least $1 a share for 30 consecutive trading days, and shareholders finally approved the proposal to reverse the split.