Palantir-Backed Faraday Future Defers Delivery Timelines, Cites Supplier's Timing Constraints This Time
Portfolio Pulse from Anan Ashraf
Faraday Future Intelligent Electric Inc (FFIE) has deferred the second delivery phase of its limited edition FF 91 2.0 Futurist Alliance due to supplier's timing constraints and additional safety testing. The company also announced plans for a reverse stock split and filed for approval to issue class A common stock and/or warrants up to $300 million.
June 19, 2023 | 9:41 am
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Faraday Future (FFIE) delays the second delivery phase of its FF 91 2.0 Futurist Alliance and announces plans for a reverse stock split and approval to issue $300 million in stock/warrants.
The delay in the delivery of the FF 91 2.0 Futurist Alliance may negatively impact investor sentiment and the stock price in the short term. The reverse stock split and approval to issue $300 million in stock/warrants may also affect the stock price, but the overall impact is negative due to the delivery delay.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
Palantir Technologies (PLTR) is a backer of Faraday Future, which has delayed the second delivery phase of its FF 91 2.0 Futurist Alliance.
As a backer of Faraday Future, Palantir Technologies may be indirectly affected by the delivery delay. However, the impact on Palantir's stock price is likely to be neutral in the short term, as the company's core business is not directly related to the EV industry.
CONFIDENCE 80
IMPORTANCE 40
RELEVANCE 50