Faraday Future pops 88% as it takes a ride on the Rivian-Volkswagen buzz
Faraday Future Intelligent Electric (NASDAQ:FFIE) continued its volatile ways on Wednesday by jumping 88% in morning trading. Shares were up more than 110% at the high point of the session.
The catalyst for the big move may have been some comments that Faraday Future (FFIE) founder YT Jia made on social media site X about Volkswagen's (OTCPK:VLKAF) investment and partnership in Rivian Automotive (RIVN).
"This investment in Rivian further underscores the immense potential of the American AI EV market and its leading edge in technology and products. This attracted global giants and was a key reason I chose to start FF in the US. We will continue to strive to unleash FF's enormous potential and limitless possibilities as soon as possible."
Earlier in the week, Faraday Future (FFIE) said it is proposing a reverse stock split ratio of up to 40-to-1 if its stock price does not naturally get the California-based company back into compliance with Nasdaq's minimum bid requirements. FFIE said it also proposing an increase in authorized shares that would enable it to better pursue equity and equity-linked strategic financing.