Electric vehicle (EV) maker Faraday received a notice from the Nasdaq stock exchange on Thursday after failing to comply with listing rules including a minimum closing share price of $1.
With that being said, Faraday has a deadline of June 25, 2024, to regain stock price and maintain it for at least 10 consecutive days.
The EV maker whose shares closed at 26 cents on Thursday declined around 96% since September this year.
Several financial concerns are causing this financial plummeting. This includes a severe cash shortage with only $8.6 million as of December 2023. The low cash availability is holding back the FF 91 electric vehicle from launching from the market.
Furthermore, the EV company was also unable to secure sufficient funding despite attempts to raise up to $90 million through a stock offering.
(source – Benzinga)