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