Written by Cláudio Afonso | LinkedIn | X
A few hours before holding a Annual General Meeting where it seeks approval for a crucial reverse stock split, the EV startup Faraday Future published its first quarter financial results.
The LA-based company delivered the first car of the year on June 12 with the second one scheduled for later today as teased by the founder YT Jia.
Faraday reported a revenue of $2,000 for the first three months of the year indicating an average of $21.92 per day. FF reported a loss from operations amounting to $43,608,000 over the same period.
Last week, the company founded by YT Jia warned that if the reverse stock split is not approved, it can lead to delisting from Nasdaq making it “impossible” the capital raise in the near future.
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With the meeting scheduled for later today, Friday, the electric vehicle manufacturer is aiming to get approved for a reverse split with a ratio ranging from 1-for-2 to 1-for-40.
In an interview with the YouTuber “The Omar Gosh Vlogs,” Faraday’s founder YT Jia revealed recently that deliveries will continue on the last day of July, today.
In the report of the financial results, the company said it will “keep working to optimize operations to support sustainability” including “ongoing evaluations of current cost reductions and spending efficiency”.
Faraday will also seek approval to increase the number of authorized shares of Class A and Class B common stock from 463,312,500 to 4,169,812,500, and the total number of authorized shares of common and preferred stock from 473,312,500 to 4,179,812,500.
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Written by Cláudio Afonso | LinkedIn | X
