Why Faraday Future Stock Jumped 27% Today
The up and down moves in electric-vehicle (EV) start-up Faraday Future Intelligent Electric (NASDAQ: FFIE) continued today. In the past month, Faraday shares more than doubled before losing all of those gains and more.
The stock is now down nearly 30% over the last 30 days, despite a massive move higher today. Faraday shares soared 45% early today, and remained 26.6% higher as of 11:15 a.m. ET on Tuesday.
The stock is soaring after it executed a nonbinding deal with a major shareholder for the potential to raise up to $600 million in capital. The deal for potential senior secured convertible notes is being facilitated by investor FF Top, which doesn't plan to directly add to its holdings in Faraday Future.
Source Fool.com
