Written by Cláudio Afonso | LinkedIn | X
Faraday Future announced Friday that its Annual Meeting of Stockholders will be held on July 31 at 9:00 a.m. Pacific Time as the company seeks approval on the reverse stock split that would allow the stock price to trade above Nasdaq’s $1 threshold.
Despite the impressive 367 percent gain over the last 3 months, the company’s stock is still trading 42 percent lower year to date as the CEO Matthias Aydt continues teasing developments in the Middle East region.
Among the proposals facing shareholders’ vote, the most significant is the approval of a reverse stock split for the common stock, with a ratio ranging from 1-for-2 to 1-for-40. If approved, the ratio will be defined by the company’s Board of Directors.
Shareholders will vote to elect five directors to serve until the 2025 annual meeting as the board also seeks ratification of Macias Gini & O’Connell LLP as the independent accounting firm for the current fiscal year.
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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Another item on the agenda is an amendment to the 2021 Stock Incentive Plan to increase the number of shares of Class A Common Stock available under the plan by 88,252,926 shares.
Shareholders are able to participate remotely via this link.
On Thursday, the company announced that the Nasdaq Hearings Panel has granted the conditional continued listing of its shares.
The last day of July — the same day of the Annual Meeting — is now the new deadline for the company to report its 10-Q form, which must be submitted quarterly by all public companies to the Securities and Exchange Commission (SEC).
In terms of the minimum bid price requirement, Faraday Future has now until the end of August to comply with the Nasdaq rules and assure that its stock price maintains over $1 per share.
Shareholders of the electric vehicle (EV) startup have been living a real rollercoaster so far this year. The company has delivered only one vehicle this year as it seeks more funding in the Middle East region.
The stock started the year at about $0.68, went south to just below $0.04 in late April before soaring 9,500 percent in 18 trading days to $3.90 amid the comeback of one of the world’s famous trader Keith Gill, known as “Roaring Kitty,” who previously drove meme stocks to remarkable highs in 2021.
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Abdullah Al Qassimi, CEO of Master Investment Group, has recently visited Faraday’s headquarters in Los Angeles for “a strategic meeting”. Here’s the video shared by Faraday Future.
Qassimi teased on his LinkedIn, “A new chapter to be started!” without unveiling further details of the company’s expansion to the Middle East Region as unveiled last December.
By then, Faraday Future said it signed a strategic cooperation agreement with Master Investment Group and Siraj Holding LLC saying both investors would “support FF beginning operations in the Middle East Region in 2024”.
After a four-month hiatus, the electric vehicle startup resumed deliveries earlier this month, handing over the FF91 2.0 to a retail shareholder.
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Written by Cláudio Afonso | LinkedIn | X
