Faraday Future (NASDAQ:FFIE) stock is officially trading as the Tesla (NASDAQ:TSLA) rival goes public today after months of preparations.
Here’s everything potential investors in FFIE stock need to know about the company.
- Faraday Future going public comes after completing its merger with special purpose acquisition company (SPAC) Property Solutions Acquisition.
- Approval from the SPAC’s shareholders came on Tuesday, which opened the way for the deal to close.
- This resulted in the two companies combining and changing to the Faraday Future Intelligent Electric name.
- It also saw the SPAC’s stock change to the new FFIE ticker while still trading on the Nasdaq Exchange.
- The closing of the SPAC merger provides Faraday Future with funds to complete its electric vehicle (EV) plans.
- According to the company, this funding will fully cover the production of its FF 91.
- This has the company estimating production of the FF 91 will be complete in the next 12 months.
- Dr. Carsten Breitfeld serves as the CEO of Faraday Future.
- The company was founded in 2014 and is headquartered out of Los Angeles, Calif.
- FFIE stock is seeing a hefty amount of trading with its public debut today.
- As of this writing, more than 7 million shares of the stock have changed hands.
- Since it’s new to the market, there’s no daily average trading volume to compare this number to.
FFIE stock was up close to 1% as of Thursday afternoon.
Traders that are still looking for more stock market coverage today will want to keep reading!
InvestorPlace.com offers the most recent stock coverage with our daily dives into the market. That includes what to know about the Couchbase (NASDAQ:BASE) IPO, what has Domino’s Pizza (NYSE:DPZ) rising higher today, as well as the news pushing Summit Wireless Technologies (NASDAQ:WISA) shares up. You can catch up on all of this news by following the links below!
More Stock Market News for Thursday
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- DPZ Stock: Why Domino’s Pizza Shares Are Heating Up Today
- WISA Stock: The Amazon News Sending Summit Wireless Technologies Shares Soaring
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
