Summary by Futu AI
On June 24, 2024, Faraday Future Intelligent Electric Inc. (FFIE), a Delaware-based electric vehicle company, announced its Board of Directors' approval of proposals to be presented to shareholders at the upcoming annual meeting. The proposals include a reverse stock split of the company's common stock in a range between 1-for-2 and 1-for-40 shares and an increase in the number of authorized shares. These measures aim to address Nasdaq's minimum bid price requirement after FFIE's stock price fell below the threshold, resulting in deficiency notices and a potential delisting. The company has filed its overdue 2023 Annual Report and is working to become current with its public filings. FFIE's Board will determine the final ratio for the reverse stock split after shareholder approval and may choose not to proceed if market conditions change. Additionally, the company is seeking strategic financing to support production and its FF China-US Automotive Industry Bridge strategy. FFIE is also considering hosting a retail investor community day to bolster shareholder confidence.