California EV startup Faraday Future, which has just relaunched delivery of its luxury $309,000 electric car, is at risk of being delisted from NASDAQ due to plummeting share price.
Faraday, based in Los Angeles, was given a warning from NASDAQ for not lifting its minimum price of $1 per share for 30 consecutive trading days from November 9 to December 27, 2023, Reuters reports. Faraday now has 180 days, or until June 24, to boost its share price to reach the minimum $1 per share for at least 10 consecutive trading days. If it doesn’t reach this goal, NASDAQ will give it another chance before potentially delisting the company.
Last August, the company split its stock to boost its share price, but it didn’t make a big impact. Two months prior it received a $90 million investment from ATW Partners and Senyun International.
