Electric car manufacturer and Tesla (TSLA) – Get a free report Future Faraday rival (FFIE) – Get a free report is at serious risk of losing a real symbol of his status.
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The troubled manufacturer risks being delisted from the NASDAQ due to its alarmingly low share price.
The Los Angeles-based company was recently notified by the stock exchange that it had failed to maintain a minimum price of $1 per share for 30 consecutive trading days from November 9 to December 27, 2023.
As of January 2, Faraday Future's share price sits at 23 cents per share, a decline of 96% since the beginning of September.
Faraday has been given a deadline of June 24, 2024 for its stock price to hit the low of $1 per share for a minimum of 10 consecutive trading days. If it does not reach this threshold by the established date, the company will be granted another grace period and will be subject to delisting from the stock exchange.
The latest fiasco is the latest in a series of financial and organizational problems, as well as some questionable decisions made by the electric vehicle maker.
In October 2023, the company hired troubled Grammy-winning R&B superstar Chris Brown as a “developer co-creation officer.”
In August, the future of Faraday initiated a stock split in an attempt to boost its share price, which failed to materialize at the meetings. In June, the company received 90 million dollars in investment from ATW Partners and Senyun International to support the production and delivery of its FF 91 electric car.
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Despite the woes and problems facing the company, Faraday Future maintains a presence on social media and posts regularly on instagram and X (formerly known as Twitter) every time he delivers one of his $249,000 FF 91s to a client.
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