Written by Cláudio Afonso | LinkedIn | X
Shares of Faraday Future surged 140% on early Thursday to $8.5 per share. Earlier this week, the company said it would unveil its sub-brand on September 19 alongside the “China-U.S. Automotive Bridge Strategy”.
With an average daily volume of 3.45 million shares traded over the last two months, Faraday shares hit on Thursday a new volume record surpassing 110 million shares traded in the first four hours of the trading session.
That puts the stock in third place in the most traded stocks of the market, behind the chip giant Nvidia with 218.9 million of volume and Srivaru Holdings with 145 million.
As of the time of writing, the stock price of the electric vehicle startup has given up some of the gains and is trading 100% higher at about $7.18 per share.
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On Monday, Faraday Future shares began trading under the adjusted reverse stock split approved by its shareholders on the last day of July.
Despite Thursday’s surge, the stock is still 52% lower over the last month and has a current market cap value of about $85 million. Year to date, the stock has lost 75% of its value.
Thanks to the execution of the reverse stock split, FF is now complying with the Nasdaq listing rule where stock must have a minimum closing bid price of at least $1 per share for 30 consecutive trading days.
Last week, Faraday Future delivered the second car year to date as it struggles to secure enough cash to produce and deliver its ultra-luxurious EV model priced at about $300,000.
The company stated that it would “provide more details and an execution plan for the strategy” at the event while declaring that the sub-brand will “potentially accelerate” the mass-market entry while maintaining its “ultra-luxury” segment with the main brand.
Never Miss an Update on Faraday Future
Written by Cláudio Afonso | LinkedIn | X
The post Faraday Future Shares Skyrocket 140% as Volume Hits Record High first appeared on EV.