Shares of Faraday Future, an electric vehicle startup fighting for survival, have been soaring by over 1,750% over the last 3 days.
On May 10, the stock closed at slightly over 4 cents per share, while on Thursday, it is trading above $0.82 — a 1,800 percent surge.
Earlier this year, the company conducted its second reverse stock split in five months, implementing a one-for-three ratio.
This move aimed to regain compliance with listing requirements following a cash crunch and supply chain issues, which had nearly wiped out 99% of its market cap value in 2023.
With an estimated range of 381 miles and 155 mph of top speed, the FF 91 2.0 Futurist Alliance is currently available to pre-order in the United States with 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.
Last September, Faraday named company insider Matthias Aydt its new global CEO to focus on boosting production and generating revenue.
The EV maker received the delisting notice on April 24 with Nasdaq citing the share price below $0.10 for ten consecutive days as shares closed at $0.049 per share on the day.
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.
By then, Faraday Future said it intended to appeal the delisting determination by the first day of this month, initiating a temporary suspension of its securities for 15 days.
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.
