Written by Cláudio Afonso | LinkedIn | X
The stock price of the US electric vehicle (EV) startup Faraday Future is soaring over 300 percent on Tuesday as the company faces the threat of delisting from Nasdaq.
The EV maker received the delisting notice on April 24 with Nasdaq citing the share price below $0.10 for ten consecutive days as shares closed at $0.049 per share on the day.
As of the time of writing, the stock is surging 307 percent at $0.245 per share. In late April, the company onboarded Werner Wilhelm as Executive Launch Director. Wilhelm successfully managed the launch of three car models during his time at Audi AG, Volkswagen AG, and Magna Steyr — the manufacturer partner of Fisker.
Nasdaq has previously warned the EV maker in late December, regarding bid price non-compliance and also earlier this month for failing to file its 2023 10-K form.
By then, Faraday Future said it intended to appeal the delisting determination by the first day of this month, initiating a temporary suspension of its securities for 15 days.
During this time, the company’s securities will remain listed as it plans to seek an extended stay of the suspension pending a hearing with Nasdaq’s Hearings Panel.
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Recently, Faraday Future shares fell on TechCrunch’s report of misrepresented initial electric vehicle sales. The U.S.-based startup “strongly reaffirmed” that all its sales were “legitimate”.
The company unveiled earlier this month that will start delivering its FF 91 luxurious sedan in the Middle East region later this year. Faraday shared that it continues to “engage with potential partners” in the region “to explore opportunities, including strategic financing, business development, and sales and marketing”.
The company is targeting the launch of a limited-edition model, the FF 91 2.0 Futurist aiFalcon, tailored to the Middle East market with initial deliveries later this year.
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Written by Cláudio Afonso | LinkedIn | X
