Nasdaq delisting warning! Faraday's Future Stock Price Reappears as a Roller Coaster
四夜父脚群
发表于 2023-12-30 09:58:51
1307
0
0
Faraday Future stated that it received a notice from NASDAQ on December 28th regarding delisting or non-compliance with continuing listing rules. According to the closing bid of the company's common stock, the minimum bid requirement of at least $1 was not maintained during the 30 consecutive trading days from November 9th to December 27th of this year, and it did not comply with NASDAQ Listing Rules 5550 (a) (2) (i.e., the "minimum bid requirement").
On Friday, Faraday's future stock price fell 10.9% to close at $0.23 per share, with a market value of less than $30 million.
On the 29th local time, the Nasdaq Stock Exchange responded to an email from First Financial reporters, stating that for more details on specific cases, it is recommended to consult relevant companies.
This is not the first time Faraday has received a similar warning letter in the future. According to reports, Faraday Future received a letter notification from the NASDAQ listing qualification department on November 17, 2021, as it was unable to submit its financial report within the prescribed deadline.
It is worth noting that Nasdaq will release a list of companies that do not meet the criteria for continuous listing on each trading day. Typically, a company is listed as a "non compliant company" within five working days of receiving a notice of non-compliance from NASDAQ. The above-mentioned company will be removed from the list on the second working day after Nasdaq confirms that it meets the listing criteria or no longer trades on Nasdaq. At present, Faraday Future has not yet appeared on this list.
According to Nasdaq Listing Rules 5810 (c) (3) (A), the company has 180 calendar days, which is until June 25, 2024, to re meet the minimum bid requirement. During the compliance period, the company's Class A common stock will continue to be listed and traded on NASDAQ. In order to meet the requirements again, the closing bid for Class A common shares of the company must reach or exceed $1 per share for at least 10 consecutive trading days. If Faraday is unable to comply with Rule 5550 (a) (2) again before June 25, 2024, the company may receive an additional 180 calendar days to comply again. In addition to the minimum bid requirement, the company also needs to meet the market value continuous listing requirement for publicly held shares and all other initial listing criteria on the NASDAQ capital market. In addition, during the second compliance period, Faraday will need to notify NASDAQ of its error correction intentions in the future, which may include implementing a reverse stock split if necessary.
If Faraday fails to comply with Rule 5550 (a) (2) again before June 25, 2024 and does not qualify for an additional compliance period, Nasdaq will notify the company that its securities are facing delisting. At that time, the company can appeal to the Nasdaq Listing Qualification Review Panel. During the decision-making period of the review group, the company's stocks will continue to be listed.
On July 22, 2021, Faraday Future landed on NASDAQ through a merger with Property Solutions Acquisition Corp (SPAC), with the stock code "FFIE" and an issue price of $13.78. On the day of listing, it closed at $13.98. Afterwards, the company's stock price continued to decline. According to the above regulations, Faraday needs to raise its stock price to $1 or above before June 25th next year and maintain it for at least 10 consecutive trading days.
Faraday Future announced a reverse stock split in August this year, but since September, due to cash constraints and supply chain issues, the company's stock price has cumulatively fallen by about 96%. The company announced in late September that it plans to raise $90 million through a stock issuance to increase its cash balance. In addition, the company was sued by its major shareholder FF Top Holding in September 2022 and ultimately reached a corporate governance restructuring agreement.
CandyLake.com 系信息发布平台,仅提供信息存储空间服务。
声明:该文观点仅代表作者本人,本文不代表CandyLake.com立场,且不构成建议,请谨慎对待。
声明:该文观点仅代表作者本人,本文不代表CandyLake.com立场,且不构成建议,请谨慎对待。
猜你喜欢
- Faraday Future launches new brand Faraday X with two AIEV models
- Faraday Future releases' second brand 'FX
- Faraday Future raises Jia Yueting's salary by over 50%
- Faraday Future raises Jia Yueting's salary by over 50%
- Faraday Future: Jia Yueting and other executives purchase 10455 shares of Class A common stock in the company
- 'Growth Striver' registers Faraday Future in the United States and China to build a global IP commercialization company
- Faraday Future's affiliated companies are restricted from cancellation
- Faraday Future's second brand logo co creation activity launched
- Faraday Future plans to launch the first model of its second brand by the end of next year
- Faraday Future will establish an administrative center, development and operation hub in the United Arab Emirates
-
【英偉達の需要が高すぎる?SKハイニックス:黄仁勲がHBM 4チップの6カ月前納入を要求!】SKハイニックスの崔泰源(チェ・テウォン)会長は月曜日、インビダーの黄仁勲(ファン・インフン)CEOが同社の次世代高帯域 ...
- 琳271
- 昨天 17:54
- 支持
- 反对
- 回复
- 收藏
-
ファイザーが前立腺がんを治療する革新薬テゼナ& ;reg;(TALZENNA®,一般名:トルエンスルホン酸タラゾールパーリカプセル)は2024年10月29日に国家薬品監督管理局(NMPA)の承認を得て、HRR遺伝子突然変異 ...
- 什么大师特
- 4 小时前
- 支持
- 反对
- 回复
- 收藏
-
南方財経は11月5日、中央テレビのニュースによると、現地時間11月5日、米ボーイング社のストライキ労働者が59%の投票結果で新たな賃金協定を受け入れ、7週間にわたるストライキを終えた。ストライキ労働者は11月12 ...
- Dubssgshbsbdhd
- 5 小时前
- 支持
- 反对
- 回复
- 收藏
-
【マスクはテスラが携帯電話を作ることに応えた:作れるが作らないアップルとグーグルが悪さをしない限り】現地時間11月5日、有名ポッドキャストのジョローガン氏のインタビューに応じ、「携帯電話を作るのは私たち ...
- 波大老师
- 7 小时前
- 支持
- 反对
- 回复
- 收藏