Faraday Future Shares Jump 21% After SEC Ends Investigation Without Enforcement

(RTTNews) - Faraday Future Intelligent Electric Inc. (FFAI) shares rose 20.72 percent to $0.3257 on Monday, gaining $0.0559 after the company said a long-running U.S. regulatory investigation ended without enforcement action.

The stock is currently trading at $0.3257 compared with its previous close of $0.2698. Shares opened at $0.3225 and traded between $0.2997 and $0.3344 during the session on the Nasdaq. Trading volume reached about 126.64 million shares, far above the average volume of about 13.34 million shares.

Faraday Future said the U.S. Securities and Exchange Commission concluded its investigation into matters related to the company's 2021 PIPE and SPAC transactions and will not recommend enforcement action against the company, founder YT Jia, President Jerry Wang or other executives.

The stock has traded in a 52-week range of $0.27 to $3.61.