What Is Going on With Faraday Future (FFIE) Stock Today?

  • Faraday Future (FFIE) stock is dropping as it looks to remove Brian Krolicki from its board.
  • Krolicki was previously the Chairman of the board.
  • The company argues that Krolicki lacks the leadership and skills it needs right now.
Cellphone with business logo of American electric vehicle company Faraday Future Inc. in front of web page. Focus on center of phone display. Unmodified photo.. FFIE stock

Source: T. Schneider / Shutterstock.com

Faraday Future (NASDAQ:FFIE) stock is falling on Thursday as the electric vehicle (EV) company enacts measures to kick a member from its board of directors.

Faraday Future will be holding a special meeting of shareholders to vote on the removal of Brian Krolicki from its board. Krolicki is the former Chairman of the board and previously served as the Lieutenant Governor of Nevada.

Faraday Future said the following in a filing with the U.S. Securities and Exchange Commission (SEC):

“The Company’s operational results are consistently falling short of the goals the Company has set forth in its public filings, and this situation is not improving. We believe that this poor performance is due in significant part to the failings of Mr. Krolicki, who had been designated chairman up until the remedial measures of the Special Committee (as defined below) investigation, and the members of the Board with whom he has been aligned.”

According to Faraday, Krolicki lacks the experience and skills needed to serve on the board of directors. FFIE notes that his removal comes at an inflection point for the company when it needs more financially responsible leadership.

Faraday Future has yet to say when the exact date of this special meeting will be. However, the company does intend for the meeting to start after markets close on that day.

FFIE stock is down more than 5% as of Thursday morning and down more than 60% since the start of the year.

Investors seeking out more recent stock market news are in the right place!

InvestorPlace is home to all of the latest stock news traders need to know about! For Thursday, that includes what has Penn Entertainment (NASDAQ:PENN) stock moving, this morning’s biggest pre-market stock movers and more. You can find all of this news at the following links!

More Thursday Stock Market News

On Penny Stocks and Low-Volume Stocks: With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.

Read More:Penny Stocks — How to Profit Without Getting Scammed

On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Article printed from InvestorPlace Media, https://investorplace.com/2022/08/what-is-going-on-with-faraday-future-ffie-stock-today/.

©2023 InvestorPlace Media, LLC