EV startup Faraday Future's sinking share price prompts Nasdaq notice

Faraday Future Intelligent Electric

29/12/2023 12:48

Dec 29 (Reuters) - Faraday Future Intelligent Electric
 FFIE.O  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. 

 (Reporting by Zaheer Kachwala in Bengaluru; Editing by Devika
Syamnath)
 ((Zaheer.Kachwala@thomsonreuters.com;))