{"id":24064,"date":"2023-06-17T19:14:55","date_gmt":"2023-06-17T23:14:55","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/faraday-future-plans-reverse-stock-split-and-delays-ev-deliveries\/"},"modified":"2023-06-17T19:14:56","modified_gmt":"2023-06-17T23:14:56","slug":"faraday-future-plans-reverse-stock-split-and-delays-ev-deliveries","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=24064","title":{"rendered":"Faraday Future plans reverse stock split and delays EV deliveries"},"content":{"rendered":"
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\u00a9 Reuters. FILE PHOTO: Faraday Future’s luxury electric car FF91 is seen at the company’s headquarters in Gardena, California, U.S. November 21, 2019. REUTERS\/Lucy Nicholson<\/span>
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(Reuters) -Electric-vehicle startup Faraday Future Intelligent Electric said on Friday it was planning a reverse stock split, as it looks to regain compliance with Nasdaq’s minimum bid price requirements. <\/p>\n

Nasdaq requires shares trade above $1 and sends a notice when a company trades below that mark for 30 consecutive business days. <\/p>\n

Companies then have a 180-day period within which the stock has to trade above $1 for at least 10 consecutive days to comply with the rules, although a second 180-day period can be granted if they meet other requirements.<\/p>\n

In May, Faraday Future had received the additional 180-day extension from Nasdaq to meet minimum bid price requirement after having received a notice in January notifying it did not satisfy the continued listing rules.<\/p>\n

Faraday Future closed at $0.45 on Friday. <\/p>\n

So far this year, electric-truck maker Nikola has said it may execute a reverse stock split, while Lordstown Motors has also announced a reverse stock split to meet Nasdaq listing norms. <\/p>\n

Faraday’s reverse stock split proposal includes a range between 1-for-2 and 1-for-90 shares of outstanding common stock. The final ratio will be determined by the Board following stockholder approval.<\/p>\n

The Los-Angeles based company has been struggling with a cash crunch and a board reshuffle following a governance dispute with one of its largest shareholders, FF Top Holding. Last November, Faraday Future raised doubts about its ability to continue as a “going concern”. <\/p>\n

The company on Friday also pushed back the phase 2 delivery of its FF 91 2.0 Futurist Alliance vehicle from the end of the second quarter to August 2023.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. FILE PHOTO: Faraday Future’s luxury electric car FF91 is seen at the company’s headquarters in Gardena, California, U.S. November 21, 2019. REUTERS\/Lucy Nicholson (Reuters) -Electric-vehicle startup Faraday Future Intelligent Electric said on Friday it was planning a reverse stock split, as it looks to regain compliance with Nasdaq’s minimum bid price requirements. Nasdaq […]<\/p>\n","protected":false},"author":1,"featured_media":2931,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-24064","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nFaraday Future plans reverse stock split and delays EV deliveries | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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