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Faraday's share price soared 1000% in the next two days.

2024-05-27 Update From: AutoBeta NAV: AutoBeta > News >

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AutoBeta(AutoBeta.net)05/16 Report--

Faraday Future (FF) shares suddenly soared, approaching the dollar trading compliance barrier.

Faraday Future shares hit an intraday high of $0.980 on May 15, closing at 0.705 per share, up 147.37%, the largest increase in American stocks, with a total market capitalization of $300.084 million. Yesterday, May 14, Faraday's future shares soared 367.21%. According to statistics, Faraday has risen 1429.28% in the future since the beginning of this week, approaching the Nasdaq $1 trading compliance barrier.

According to Nasdaq delisting rules, when the share price of a listed company is less than $1 for 30 consecutive trading days, it meets the delisting criteria. Faraday will be listed backdoor on NASDAQ on July 22, 2021 and officially traded under the stock symbol "FFIE". FFIE's offering price was $13.78 and closed 1.45% higher at $13.98 on the first day, with a total market capitalization of $4.535 billion. However, due to many jumps in mass delivery, coupled with Faraday's continued funding problems in the future, FF shares finally closed below $1 in a row, and the acquisition of NASDAQ delisted warning, after Faraday in the future through a "reverse split", that is, by reducing the share capital, to increase the net value of the stock unit, thus complying with trading compliance, the highest share price reached $22.00, but then plummeted 95% in just 30 trading days. It fell below $1 again, with the share price as low as $0.0380.

On April 30, Faraday posted an announcement on its website that the company received a letter from the Nasdaq Stock Exchange, which decided to delist the company from the capital market because its shares closed at $0.10 or less for 10 consecutive trading days. It is understood that Faraday will have 180 days in the future until June 25, 2024, to re-comply with the listing rules, otherwise it will be forced to delist.

It is worth mentioning that on May 14, the White House issued a statement announcing that it would impose new tariffs on Chinese imports. Among them, starting from this year, the tariff on imported electric vehicles will be quadrupled, and the tax rate will be raised from 25% to 100%. Some industry insiders pointed out that Faraday will be the only Chinese background electric vehicle concept stock to develop locally in the United States, and it may also be the only Chinese stock in electric vehicles that will not be affected by the ban, so it may create a huge imagination space for the value of mergers and acquisitions and attract hot capital speculation.

On May 15, Jia Yueting announced in a social media video that Faraday could help Chinese car companies and supply chains quickly enter the US market in the future in an environment where the US imposed quadruple tariffs on Chinese electric cars. "over the past decade, Faraday has created a leading AI platform, AI Internet application system and vehicle software system, an ecosystem of user access and user operation, which is fully adapted to the American technological ecology," Jia said. At the same time, Jia Yueting also hopes to work with Chinese automakers to build Volkswagen models launched in the US market.

On May 7, Jia Yueting released a video saying that the company is facing a very great risk of delisting and will consider joining FF Global CEO Matthias as the joint CEO of the company, striving to maintain the company's compliance listing status, speed up financing, and open up the complete technology chain and value chain of FF to the whole industry, including products, technologies, compliance and user ecological construction that fully adapt to the ecology of the US automobile industry. That is, through the commercialization of personal IP to earn money to save the company and subsidize the construction of cars.

Embarrassingly, Faraday issued a statement that night that Jia Yueting posted a video about the company on social media as an individual rather than a company executive, and the statement in the video was not approved by the company. any such statement should not be considered to be the work of the company. In addition, although the company has learned that the video shows Jia Yueting considering the possibility of serving as joint CEO if appointed by the company's board of directors, and appreciates its services, the company's board of directors is not considering appointing him as joint CEO at present.

With regard to the commercialization of personal IP, Jia Yueting added on May 11 that "what we want to do is not simply to carry goods live, but to explore a new path for IP ecommerce 2.0 era through model innovation, AI technology innovation, IP e-commerce globalization, Chinese brands and products going out to sea, on the basis of light operation." He stressed that full transparency and instant video communication will be adopted to use all the personal income from the commercialization of his personal IP to repay debts and help FF build cars, pay off debts, build cars, repay debts and return to China as soon as possible. And hope to play a unique bridge value role for China, the United States and the global overseas market.

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