Electric car manufacturer and Tesla (TSLA) – Get Free Report rival Faraday Future (FFIE) – Get Free Report is at serious risk of losing an actual symbol of its status.
Related: VW’s electric version of iconic vehicle to make 2024 debut
The troubled manufacturer is at risk of being delisted from the NASDAQ because of its alarmingly low share price.
The Los Angeles-based firm was recently given a notice by the stock exchange noting that it had failed to maintain a minimum price of $1 per share for 30 consecutive trading days from Nov. 9 to Dec. 27, 2023.
As of January 2, the price of Faraday Future stock sits at 23 cents per share, a 96% decrease since the beginning of September.
Faraday Future’s FF91 electric car on display at the 2017 Consumer Electronic Show (CES) in Las Vegas..
FREDERIC J. BROWN/Getty Images
Faraday has been given a deadline of June 24, 2024 for its share price to meet the $1 per share minimum for a minimum of 10 consecutive trading days. If it fails to meet said threshold by the set date, the company will be given another grace period and will be subject to delisting from the stock exchange.
The latest fiasco is the most recent in a series of financial and organizational woes, as well as some questionable decisions made by the EV manufacturer.
In October 2023, the company brought along the troubled Grammy-winning R&B superstar Chris Brown as a “Developer Co-Creation Officer.”
The Faraday Future logo is displayed on the steering wheel of the FF91 electric car unveiled at the 2017 Consumer Electronics Show (CES) in Las Vega.
In August, Faraday Future initiated a stock split in a bid to boost its share price, which failed to materialize on the boards. In June, the company received $90 million in investment from ATW Partners and Senyun International to support the production and delivery of its FF 91 electric car.
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Despite the ills and woes that the firm is facing, Faraday Future maintains a presence on social media, and regularly posts on Instagram and X (formerly known as Twitter,) whenever it delivers one of its $249,000 FF 91s to a customer.
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