Written by Cláudio Afonso | LinkedIn | X
Shares of the electric vehicle startup Faraday Future surged to a new six-month peak on Friday, extending a multi-day rally of over 5,700 percent. Trading was briefly halted eight minutes after the market opened as the stock soared 76 percent to $2.95 per share.
Following the suspension, shares surged further to $3.01 each, marking their highest level since November last year. After multiple reverse stock splits, the company’s all-time high, set in early 2021, stands at now at an adjusted value of $4,980 per share.
Year to date, and as of the time of writing, the stock has surged by 291.21 percent — however, it remains 94.93 percent lower when compared year over year.
The electric vehicle startup is currently contesting a delisting notice from Nasdaq after its shares traded below $0.10 for ten consecutive days. Faraday Future initiated an appeal on the first day of May, prompting a temporary suspension of its securities for 15 days, which ended yesterday — on May 16.
The remarkable 6,000 percent surge in the stock arrives at a crucial juncture for the company, allowing it to maintain its listing on the Nasdaq by meeting the requirements.
Stock Performance
| 5 Day | 5,778.31% |
| 1 Month | 4,516.52% |
| 3 Month | 864.03% |
| YTD | 291.21% |
| 1 Year | -94.93% |
On May 10, shares of the struggling electric vehicle startup closed at slightly over 4 cents per share. As of the latest update, the stock is trading at $2.34, marking an impressive increase of over 5,740 percent.
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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
