Faraday Future up after disclosing plan to spin off crypto assets

Shares of EV maker Faraday Future Intelligent Electric FFAI.O rise 3% to $1.77 after the bell

FFAI says will spin off its crypto flywheel assets into an existing listed company, to be initially controlled by FFAI

Plan seeks to establish two independent listed systems — FFAI and a new company focusing on the crypto flywheel — that will operate independently while forming strategic synergies

Up to last close, stock had fallen 29% YTD