Shares of Faraday Future Intelligent Electric Inc. (NASDAQ:FFIE) rose by 26% after the company announced the completion of the investigation by the U.S. Securities and Exchange Commission without recommendations for enforcement actions against the company or its executives.

The SEC officially notified the company, its founder and co-CEO YT Jia, as well as president Jerry Wang about the termination of the investigation and the refusal to impose enforcement actions against any of them. The investigation concerned issues related to the PIPE and SPAC transactions of Faraday Future in 2021.

Previously, the SEC sent Wells notices to the company and some executives. Wells notices are not official charges but indicate the intention of the enforcement division to recommend civil enforcement action.

"Now we can direct all our energy towards implementing the strategy," said YT Jia. He noted that the company has spent significant time, effort, and money collaborating with the investigation over the past five years.

Faraday Future received a notice from NASDAQ on March 20 regarding a 180-day compliance period to achieve a minimum stock price of $1. The company stated that it would attempt to regain compliance without conducting a reverse stock split.

The electric vehicle manufacturer began deliveries of its flagship car FF 91 in 2023. The company announced plans to create a second brand called FX, with the first model Super One scheduled for delivery in 2026.

Faraday Future also revealed information about entering the robotics market, with sales expected to begin this year.

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