Faraday Future to spin-off its Crypto Flywheel assets into an existing listed company

* Faraday Future Intelligent Electric (NASDAQ:FFAI [https://seekingalpha.com/symbol/FFAI]) said on Friday that it is actively preparing to spin off [https://seekingalpha.com/pr/20230992-faraday-future-plans-to-spin-off-its-crypto-flywheel-assets-into-an-existing-listed-company]its crypto flywheel assets into a separate existing listed company.
* The spin-off plan aims to establish two independent listed systems—FFAI and a new company focusing on the Crypto Flywheel—that will operate independently while forming strategic synergies.
* C10 & Crypto will be driven by its three engines of core businesses, including C10 Treasury, with the goal of accelerating the realization of its Web3 strategic vision.
* The move is expected to further advance the construction of an “independently operated, mutually empowered” Web2+Web3 dual-engine growth system.
* Faraday Future Intelligent Electric (NASDAQ:FFAI [https://seekingalpha.com/symbol/FFAI]) shares were up more than 6% in extended trading.

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