Faraday Future (NASDAQ:FFIE) stock is rising on Tuesday as shares continue to rally after the electric vehicle (EV) company settled a dispute with an investor yesterday.
That dispute was between the company and FF Top over its governance. This has FF Top agreeing to withdraw its lawsuit against the EV company. FFIE will also make changes to its board members, as well as the size of the board.
To go along with that news, Faraday Future also revealed agreements for an additional $100 million in funding. The company says this should allow it to move forward with the production of its FF 91 EV. It also has ongoing discussions with other sources for funding through 2022.
Layoffs Still Have FFIE Investors Worried
Despite the recent funding news, there’s still a possibility that Faraday Future will lay off employees. The company has floated the idea, but hasn’t given specific details. This raises concerns considering the company has yet to deliver its first production vehicle.
Investors will note FFIE stock is seeing heavy trading on Tuesday following this recent news. That has some 31 million shares of the company’s stock changing hands as of this writing. That’s a jump from its daily average trading volume of about 26 million shares.
FFIE stock is up 3.8% as of Tuesday afternoon but is down 85.6% since the start of the year.
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InvestorPlace is home to all of the hottest stock market news for Tuesday! That includes what has shares of Grom Social (NASDAQ:GROM), crypto mining stocks and SoFi (NASDAQ:SOFI) on the move today. You can find out more on these matters at the following links!
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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.
