Faraday Future (NASDAQ:FFIE) stock is falling on Wednesday after the electric vehicle (EV) company announced a share offering.
A press release from Faraday Future notes that this is an at-the-market offering agreement. It allows the EV company to sell shares from time to time for a total amount of up to $90 million. These transactions will be made through sales agents.
Faraday Future also notes what it expects to do with the money raised from these sales. The company says that any funds from the program will go toward general working capital and corporate purposes.
According to Faraday Future, that includes the following.
“Investment in product and technology development, establishment of global sales and service networks, ramp-up of production, repayment or repurchase of outstanding debt, capital expenditures, potential joint ventures, acquisitions and other business opportunities and purposes.”
FFIE Stock Movement on Wednesday
With today’s stock offering news, more than 1.5 million shares of FFIE stock have changed hands as investors sell the shares. That’s a strong start to the day considering its daily average trading volume is about 2.6 million shares. Especially as the opening bell hasn’t been rung as of this writing.
FFIE stock is down 24.8% as of Wednesday morning. Shares are also down 88.7% year-to-date.
Investors looking for more of the most recent stock market news today will want to keep reading!
We’re offering up insight into all of the hottest stock market stories on Wednesday! A few examples include why shares of Safe & Green Development (NASDAQ:SGDVV) and ShiftPixy (NASDAQ:PIXY) stock are up today, as well as the biggest pre-market stock movers. All of that news is ready to go below!
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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.
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