Written by Cláudio Afonso | LinkedIn | X
Speaking to the YouTuber “The Omar Gosh Vlogs,” the founder of the electric vehicle (EV) startup YT Jia revealed that the company was planning to hold a delivery ceremony 2around July 31st”.
The vehicle, which would represent the second one of the year and the 13th overall, was planned to be delivered “around” the last day of July, the same day of the annual meeting with shareholders.
The promise was made three weeks ago when the company was seeking the approval of six proposals where, among them, was a crucial reverse stock split which was meanwhile approved.
“FF resumed the SOD 2 [second phase of the Start of Deliveries] and delivered the 12th [overall] FF91 2.0 to our first retail investor user in June. We aim to deliver the 13th FF91 2.0 by around July 31st,” YT Jia stated back then.
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As of the time of writing, five days after the deadline communicated by the company’s executive, investors still wait for the announcement of the delivery.
The stock is currently trading 14% lower on Monday at $0.26 per share following an intraday recovery of 12% from the lows of the day.
Earlier today, Faraday announced that it has entered into a Waiver Agreement with key investors to alleviate its cash payment obligations related to convertible notes, a new SEC filing revealed.
The agreement is part of the company’s ongoing strategy to manage liquidity while encouraging note conversions into common stock.
The Waiver Agreement involves holders of both secured and unsecured convertible notes issued under two separate Securities Purchase Agreements (SPAs) from August 2022 and May 2023.
Last week, shareholders approved all the six proposals at the company’s Annual meeting including the reverse stock split that will allow the stock to comply with the Nasdaq minimum bid requirement of $1.00.
After publishing its 10Q form last Wednesday, this Nasdaq listing requirement is now the only one compliance deadline the L.A based startup has.
“And lastly, we believe that the approved proposals could help support the development of a beneficial China-US automotive industry bridge strategy and could help accelerate our entry into the UAE, both of which we have mentioned in the past,” he concluded.
On Wednesday, few hours before holding a Annual General Meeting, Faraday Future published its first quarter financial results reporting a revenue of $2,000.
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”.
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Written by Cláudio Afonso | LinkedIn | X
