Why did ffie stock premarket increase on June 26th

Faraday Future (FFIE) stock experienced a significant increase in premarket trading on June 26, 2024, due to several factors: 1. **Rivian-Volkswagen Partnership**: The announcement of a partnership between Rivian and Volkswagen, in which Volkswagen will invest up to $5 billion into Rivian, had a positive impact on the entire electric vehicle (EV) sector. While Faraday Future was not directly involved in this partnership, the news of a major investment in Rivian and the subsequent rally in EV stocks likely contributed to FFIE's premarket gains. 2. **Short Squeeze**: The possibility of a short squeeze on FFIE stock, given the high short interest as a percentage of float, could have played a role in the premarket increase. A short squeeze occurs when short sellers are forced to buy shares to cover their positions, driving up the stock price. 3. **Meme Stock Status**: FFIE's status as a meme stock, which experienced a rapid rise in price due to retail investor interest and short squeezes, may have contributed to the premarket increase. The company's stock has been volatile and has seen significant price swings based on market sentiment. 4. **Reverse Stock Split Plan**: Faraday Future's announcement of a plan to regain compliance with Nasdaq's minimum bid price requirement by proposing a reverse stock split could also have created anticipation among investors. The potential for a higher stock price post-split may have contributed to the premarket trading activity. These factors, combined with the overall positive sentiment towards EV stocks and the company's strategic initiatives, likely fueled the increase in FFIE's premarket trading on June 26, 2024.