Summary by Futu AI
On June 24, 2024, Faraday Future Intelligent Electric Inc. (FFIE), a Delaware-based electric vehicle company, announced a series of measures aimed at regaining compliance with Nasdaq's listing standards. The company's Board of Directors has approved proposals to be voted on at the upcoming annual stockholders' meeting. These proposals include authorizing a reverse stock split of the company's common stock in a range between 1-for-2 and 1-for-40 shares and increasing the number of authorized shares of common stock. The final ratio for the reverse stock split will be determined by the Board post stockholder approval, with the flexibility to abandon, delay, or postpone the action. FFIE's stock price had previously fallen below Nasdaq's minimum bid price requirement...Show More