Pre-market once fell 40%! Faraday Future Intelligent Electric refiles merger plan for compliance
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Faraday Future Intelligent Electric announced that the board of directors proposed a reverse stock split to meet the minimum listing price requirement, leading to a 40% drop in the stock price. The company received a non-compliance notice from Nasdaq last year, hence the proposed reverse stock split aims to increase the market price to mitigate the risk of delisting. However, due to lack of performance support, previous reverse stock splits did not significantly boost the stock price. The company also proposed increasing authorized shares to pursue equity and equity-related objectives. Currently, FFIE has a cash balance of only $5 million
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