What happened to ffie stock yesterday on June 26

Faraday Future Intelligent Electric Inc. (FFIE) experienced a significant surge in its stock price on June 26, 2024, due to a combination of factors:

1. Reverse Split Announcement: FFIE's stock was down on the previous day after the company announced plans for a reverse split of its shares. This type of corporate action is often seen as a last resort by companies to meet listing requirements or to make the stock more attractive to investors. The anticipation of a reverse split can lead to a decline in stock price as investors may view it as a sign of financial distress.
2. Short Squeeze: The stock's climb on June 26 could be attributed to a short squeeze. A short squeeze occurs when short sellers are forced to buy shares to cover their positions, leading to a sudden increase in demand for the stock. This can happen when there is a high level of short interest and positive news or market speculation that drives the stock price higher.
3. Positive News and Market Speculation: The delivery of an FF 91 2.0 Futurist Alliance to Motev, a B2B co-creation partner, on February 7, 2024, could be seen as a positive development by investors. This event, combined with the recent transformation of the company into the production and revenue-generation phase, may have fueled optimism about the company's prospects.

In conclusion, the combination of a reverse split announcement and positive news about a significant delivery of FF 91 2.0 EVs likely contributed to the volatility in FFIE's stock price on June 26, 2024.