Faraday Future Intelligent Electric Inc. stock rose more than 12% Monday following news the EV maker has reached an agreement with its largest shareholder to end a months-long governance dispute. The shareholder, FF Top, will dismiss its lawsuit against the company and its board of directors, the EV maker said. Chairperson Sue Swenson and board member Brian Krolicki will resign, Faraday Future said. In the same statement, the beleaguered EV maker said it has secured up to $100 million in “committed funding,” and is in discussions with other U.S. and international investors for more. Faraday Future has announced several delays for its planned flagship EV as it has sought to raise money. Shares of Faraday Future have lost nearly 84% this year, compared with losses of around 23% for the S&P 500 index.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.