Faraday Future: EV startup Faraday Future’s sinking share price prompts Nasdaq notice
Faraday Future Intelligent Electric got a notice from the Nasdaq exchange on Thursday over its failure to comply with listing rules that require a minimum closing share price of $1, the electric-vehicle startup disclosed in a filing.
The firm, whose shares closed at 26 cents on Thursday, has until June 25 to regain compliance by lifting its stock price over the required level for at least 10 consecutive days.
Faraday in August announced a reverse stock split in an attempt to regain listing compliance, but since the start of September, its shares have declined around 96% as the company grapples with a cash crunch and supply-chain issues.
In an attempt to boost its current cash balance of $8.6 million, it announced plans in late September to raise up to $90 million through a stock offering.
The company was also involved in a governance dispute with one of its largest shareholders, FF Top Holding, which resulted in a board reshuffle.
Stay on top of technology and startup news that matters. Subscribe to our daily newsletter for the latest and must-read tech news, delivered straight to your inbox.
Faraday Future Intelligent Electric got a notice from the Nasdaq exchange on Thursday over its failure to comply with listing rules that require a minimum closing share price of $1, the electric-vehicle startup disclosed in a filing.
The firm, whose shares closed at 26 cents on Thursday, has until June 25 to regain compliance by lifting its stock price over the required level for at least 10 consecutive days.
Faraday in August announced a reverse stock split in an attempt to regain listing compliance, but since the start of September, its shares have declined around 96% as the company grapples with a cash crunch and supply-chain issues.
In an attempt to boost its current cash balance of $8.6 million, it announced plans in late September to raise up to $90 million through a stock offering.
The company was also involved in a governance dispute with one of its largest shareholders, FF Top Holding, which resulted in a board reshuffle.
Stay on top of technology and startup news that matters. Subscribe to our daily newsletter for the latest and must-read tech news, delivered straight to your inbox.
Denial of responsibility! Techno Blender is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – [email protected]. The content will be deleted within 24 hours.