Why Shares of Faraday Future Are Flying Higher Today
The rocky road that Faraday Future (NASDAQ: FFIE) has been traveling just became a little smoother. The electric vehicle company just announced it has reach a resolution regarding a dispute with major shareholders. Furthermore, it also secured $100 million in critical financing.
As of 10:33 a.m. ET, shares of Faraday Future were racing 28.3% higher.
Addressing some key points of contention with one of its major shareholders, FF Top Holding, Faraday affirmed today that it has entered into a binding governance agreement that "resolves a range of issues concerning governance." In addition to FF Top ending litigation -- which it announced last week -- that it had brought against the EV maker, the agreement will have Faraday make changes to the size and membership of the company's board of directors.
Source Fool.com
