Faraday Future continues to see red. This time, it’s scrambling to complete a $500 million Series A fundraising round by a December deadline with potentially troubling signs ahead.

According to a Bloomberg report, Faraday Future will be responsible for paying a $400 million convertible note plus 12 percent interest to Chinese investors if it cannot raise $500 million by a December deadline. The cash would be used to build its flagship FF91 concept car and advance past the prototype stage. If the round of funding goes through, all debt would be converted into shares.

In a statement by the company, it said: “we decline to comment, other than we acknowledge that we are in the process of our round A fundraising.” No word on where exactly Faraday Future stands and its likelihood of success as we head into December.

In another development signaling trouble, Faraday Future announced an end to its Formula E participation as a title sponsor and technical partner to the Dragon Racing team. Even its racing performance struggled, with an eighth-place finish in its last go-around despite earlier successes with second and fourth-place finishes. As a result, the team has now been rebranded to Dragon Racing, dropping “Faraday Future” from its name.

Over the past several months, Faraday Future has also faced severe financial headwinds. One is its millions in unpaid debt, facilitated by an unwillingness by regulators to allow the company to transfer money out of China. Last October, a rumored planned Chapter 11 bankruptcy filing by ex-CFO Stefan Krause was reportedly scrapped by CEO Jia Yueting to avoid relinquishing control of the company. This event saw Faraday refute news report, calling circulated bankruptcy related online documents fake.

Other events saw a C-suite executive exodus, supplier lawsuits, owed bonuses and pay increases to employees, halted production of a Nevada factory, and endless ridicule on its Facebook page and online message boards over its lack of progress. Last April, it also extended its lifeline with a $14 million rescue loan from investment firm Innovatus capital Partners.

Bloomberg