Written by Cláudio Afonso | LinkedIn | X
Trading of Faraday Future stock was suspended multiple times on Thursday after surging over 200 percent during the session. One of the last trading halts occurred when the stock reached $2.16 per share, marking a remarkable 4,809 percent gain in just four trading days.
The EV startup is currently appealing a delisting notice from Nasdaq after trading below $0.10 for ten consecutive days. Faraday Future appealed on the first day of May when it initiated a temporary suspension of its securities for 15 days — ending today.
The 5000 percent surge in the stock comes at a critical time for the company, enabling it to maintain its listing on Nasdaq as it now meets the requirements.
On May 10, shares of the electric vehicle startup, which is battling for survival, closed at slightly over 4 cents per share. However, as of the time of writing, the stock is trading at $2.34, representing an impressive 5,240 percent increase.
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Earlier this year, Faraday Future conducted its second reverse stock split in five months, implementing a one-for-three ratio. This action aimed to regain compliance with listing requirements following financial challenges and supply chain issues, which had nearly wiped out 99% of its market value in 2023.
The FF 91 2.0 Futurist Alliance, with an estimated range of 381 miles and a top speed of 155 mph, is currently available for pre-order in the United States at a base price of $309,000.
The stock has faced heavy short interest, indicating that a considerable portion of available shares for trading has been borrowed and sold by bearish investors anticipating stock price declines.
In late April, the company onboarded Werner Wilhelm as Executive Launch Director. Wilhelm successfully managed the launch of three car models during his time at Audi AG, Volkswagen AG, and Magna Steyr — the manufacturer partner of Fisker.
Nasdaq has previously warned the EV maker in late December, regarding bid price non-compliance and also earlier this month for failing to file its 2023 10-K form.
During this time, the company’s securities will remain listed as it plans to seek an extended stay of the suspension pending a hearing with Nasdaq’s Hearings Panel.
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Written by Cláudio Afonso | LinkedIn | X
The post Faraday Future Stock Suspended After Soaring 5,240% in 4 Days first appeared on EV.