Troubled electric vehicle manufacturer Faraday Future is at risk of being delisted from the Nasdaq with its share price falling below $1.
The company recently received a written notice from the Nasdaq noting that it had failed to maintain a minimum bid price of at least $1 per share for 30 consecutive trading days from November 9, 2023, to December 27, 2023. At the time of writing, the firm’s share price was sitting at $0.23 and has dropped around 96% since the beginning of September.
Read: Faraday Future Secures Extra Funding For FF 91 Production
The Nasdaq will now provide Faraday Future with 180 calendar days, or until June 24, 2024, for its share price to meet or exceed $1 per share for a minimum of 10 consecutive trading days. If it fails to achieve this by the set date, the EV maker could be afforded a second 180 calendar-day grace period and if its share price still does not recover, it will be subject to delisting.
Faraday Future initiated a stock split in August in a bid to boost its share price but it failed to have a material impact. This stock split came just two months after the firm announced that it had received an additional $90 million in investment from ATW Partners with participation from Senyun International. The carmaker said this money would support the production of delivery of the FF 91.
Deliveries of the FF 91 officially started on May 31st last year but were paused after just a few days. The company had claimed that phase 2 deliveries would commence in August but it is unclear if that ever actually happened. No doubt limiting the appeal of the brand’s sole model is the fact that the entry-level variant costs an eye-watering $249,000 while the flagship version has been priced at $309,000.
