Faraday Future shares jumped another 21.3% in morning trading Friday after soaring 27.3% yesterday.
Shares of electric-vehicle startup Faraday Future Intelligent Electric Inc. rallied Thursday, a day after the stock registered its biggest-ever daily percentage decline.
Faraday Future's stock closed up 27.3% after ending Wednesday's session down 62%, weighed down by the company's full-year results late Tuesday. The stock traded on volume of 579.09 million shares, well above its 65-day volume of 158.52 million shares.
The company began delivering vehicles in the third quarter of 2023, it said in its full-year results. Faraday Future has yet to report first-quarter results.
In February, Faraday Future announced a reverse stock split and an updated plan for growth in 2024. But in April, the startup said that it had received a Nasdaq delisting determination letter because its stock had a closing bid price of 10 cents or less for 10 consecutive trading days. Faraday Future said it is appealing the delisting determination.
On Tuesday, the company said that it had received written notice from the Nasdaq indicating that the company's failure to file the quarterly report on Form 10-Q for the period ending March 31 in a timely fashion could serve as an additional basis for delisting.
Faraday Future said that, as previously disclosed, it has requested a hearing before the Nasdaq hearings panel at which the company will present its plan to file the Form 10-Q as well as its plan to remedy the stock-price deficiency. "Although the company's request for a further stay remains outstanding with Nasdaq, the company expects its securities to continue to trade on Nasdaq in the normal course during the pendency of the hearing process," Faraday Future added in the statement.
The company's stock went stratospheric on no news earlier this month amid the recent meme-stock rally. The EV startup's shares surged to extraordinary levels, closing up 367.5% on May 14 and registering gains of 147.2% and 134% on May 15 and May 16, respectively.
Faraday Future shares are down 18.4% in 2024, compared with the S&P 500's SPX gain of 9.8%.
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