FFR and FFAI Sign Final Agreement to Merge Robot Assets in All-Stock Deal

On October 14, Jia Yueting announced that FFR and FFAI have officially signed a final agreement under which FFR will acquire FFAI's robotics assets and business in an all-stock transaction valued at approximately $200 million, with an exchange price of $2.246 per share, representing a roughly 55% premium over the previous trading day. The deal has been approved by a special committee of independent directors and supported by a fairness opinion from an independent financial advisor.

FFR's equity value on a fully diluted basis is approximately $60 million before closing. FFR said the merger will make it the first pure-play company on the U.S. stock market focused on humanoid and bionic EAI robotics, aiming to remain among the top three in the EAI robotics industry within five years.

FFR also completed an initial PIPE financing of up to $10 million at market price, with no discounts or warrants. The parties expect to complete all closing procedures before the end of this month.

FFR, described as the first U.S. company to deliver both humanoid and bionic robots, has built an EAI technology system and completed the first phase of its "Built in USA" acceleration plan. FFAI has launched more than 20 robot products across five series, and cumulative sales and shipments of EAI robots reached 817 units by the end of September, with positive gross margin on deliveries.