Written by Cláudio Afonso | LinkedIn | X
Electric vehicle startup Faraday Future started Monday trading at the adjusted price following the 1 for 40 reverse stock split approved by shareholders on the last day of July. However, it’s not having a firm start.
As of this writing, the stock is trading 19.78% lower at $4.12 per share, equivalent to $0.103 per share pre-reverse split. The share price results in a market cap of just above $50 million.
The reverse split allows the company to comply with the Nasdaq listing rule where a stock must have a minimum closing bid price of at least $1 per share for a continuous period of 30 consecutive trading days.
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Last week, Faraday Future delivered the second car year to date as it struggles to secure enough cash to produce and deliver its ultra-luxurious EV model priced at about $300,000.
Earlier this Monday, the company said it will unveil its sub-brand on September 19 alongside the “China-U.S. Automotive Bridge Strategy”.
The company stated that it would “provide more details and an execution plan for the strategy” at the event while declaring that the sub-brand will “potentially accelerate” the mass-market entry while maintaining its “ultra-luxury” segment with the main brand.
Never Miss an Update on Faraday Future
Written by Cláudio Afonso | LinkedIn | X
