Dear FFIE Stock Fans, Mark Your Calendars for July 31

  • Faraday Future (FFIE) stock climbed Monday ahead of the company’s crucial shareholder meeting, set for July 31.
  • Investors will be asked to vote on a number of key proposals for the company, including a reverse stock split and share issuances.
  • Faraday was recently granted clearance for conditional listing despite being in violation of Nasdaq’s minimum bid price.
FFIE stock - Dear FFIE Stock Fans, Mark Your Calendars for July 31

Source: T. Schneider / Shutterstock.com

Faraday (NASDAQ:FFIE) stock climbed Monday ahead of its annual shareholder meeting, scheduled for July 31. Indeed, FFIE investors can vote on several key proposals related to the electric vehicle (EV) startup.

At the meeting, investors will be asked to vote on six major proposals:

  1. The election of five directors who will hold office until the 2025 shareholder meeting.
  2. The ratification of Macias Gini & O’Connell as the independent registered public accounting firm for Faraday through the end of the year.
  3. Approval of the company’s proposed share issuance.
  4. The approval of a reverse stock split of a yet-unknown ratio between 1-for-2 and 1-for-40.
  5. The addition of shares of Class A common stock available under the company’s 2021 Stock Incentive Plan.
  6. Approval of additional annual meetings from time to time when necessary.

FFIE Stock Continues to Slide

Despite Monday’s jump, FFIE stock remains a cautionary tale. The EV startup is down 34% this year, trading at just 40 cents per share.

This is actually below the Nasdaq’s $1 minimum bid price, which explains why the company is attempting to initiate a reverse stock split. This action would attempt to artificially raise the company’s share price to avoid delisting.

The company was recently granted conditional approval for continued listing despite being in violation of Nasdaq’s share price policy.

“We would like to thank the Nasdaq Hearings Panel for this decision as it is a positive step in the right direction for FF to regain full compliance,” said Faraday Future Global CEO Matthias Aydt. “We plan to continue on this trajectory of committing to completing additional requirements in the coming weeks.”

While Nasdaq has granted FF’s request for continued listing, it’s under the assumption that the company files its first quarter Form 10-Q by July 31 and it regains compliance with the minimum bid price by Aug. 31, with “compliance” defined as a share price of at least $1 for at least 10 consecutive trading sessions.

On the date of publication, Shrey Dua 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.

On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.

With degrees in economics and journalism, Shrey Dua leverages his ample experience in media and reporting to contribute well-informed articles covering everything from financial regulation and the electric vehicle industry to the housing market and monetary policy. Shrey’s articles have featured in the likes of Morning Brew, Real Clear Markets, the Downline Podcast, and more.


Article printed from InvestorPlace Media, https://investorplace.com/2024/07/dear-ffie-stock-fans-mark-your-calendars-for-july-31/.

©2024 InvestorPlace Media, LLC