TapTechNews June 28, the Faraday Future (FF) announced today that it received a notice from the NASDAQ, stating that the hearing committee approved Faraday Future's request to continue listing on the NASDAQ.
The notice also mentioned that the precondition for approving the listing is that the company needs to submit its regular financial reports by July 31, 2024, and meet the minimum bid requirements (the closing price per share should not be less than 1 US dollar) by August 31, 2024.
Faraday Future stated that it is taking specific measures to meet the conditions stipulated in the resolution letter as soon as possible, and promised to submit its 10-Q financial report for the first quarter by the end of July at the latest. The company also plans to submit its 10-Q financial report for the second quarter in a timely manner.
According to TapTechNews' previous report, in order to meet the minimum bid requirements, the board of directors of Faraday Future approved the implementation of the company's common stock reverse stock split plan, and the total number of issued common stocks and authorized common stocks were authorized for the same proportion of reverse split within the range of 1:2 to 1:40. The goal of Faraday Future is that the stock price after the reverse stock split should be at least 5 US dollars per share (currently about 36 Chinese yuan) .