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

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, leading to a deficiency notice and the risk of delisting. The company has since taken steps to address the issues, including filing its 2023 Annual Report, engaging a new independent auditor, and committing to timely filings for its quarterly reports. The reverse stock split aims to increase the stock price to meet Nasdaq's minimum bid price requirement, while the increase in authorized shares is intended to facilitate strategic financing, potentially including investments from the Middle East. The company also mentioned the possibility of hosting a retail investor community day.