said on Friday it was planning a reverse stock split, as it looks to regain compliance with Nasdaq's minimum bid price requirements.
Nasdaq requires shares trade above $1 and sends a notice when a company trades below that mark for 30 consecutive business days. Companies then have a 180-day period within which the stock has to trade above $1 for at least 10 consecutive days to comply with the rules, although a second 180-day period can be granted if they meet other requirements.
In May, Faraday Future had received the additional 180-day extension from Nasdaq to meet minimum bid price requirement after having received a notice in January notifying it did not satisfy the continued listing rules.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Energy Energy Latest News, Energy Energy Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Faraday Future stock drops 25% after board approves reverse stock split proposalShares of Faraday Future Intelligent Electric Inc. fell nearly 25% in the extended session Friday after the EV company said that its board is planning a...
Source: MarketWatch - 🏆 3. / 97 Read more »
CTA purchases over 20 new electric buses, nearly doubling electric fleetContinuing an effort to transition to an all-electric bus fleet by 2040, the Chicago Transit Authority announced Friday that 22 new electric buses were purchased, nearly doubling the agency’s electric fleet.
Source: nbcchicago - 🏆 545. / 51 Read more »
Elon Musk's electric car chargers are squeezing out Washington's favoriteThe still-burgeoning electric vehicle market is facing a split between two incompatible charging standards.
Source: politico - 🏆 381. / 59 Read more »
Search on for man who stole electric tricycle in North AuroraThe trike is described as a black electric Eco Delta SX, valued at nearly $3,000.
Source: cbschicago - 🏆 546. / 51 Read more »
Akio Toyoda confirms electric Toyota GR sports car is testing | AutocarAn electric Toyota GR sports car is currently testing, boss Akio Toyoda has exclusively confirmed to Autocar ⚡ Find out more:
Source: autocar - 🏆 93. / 67 Read more »