Faraday Future, the luxury electric vehicle company that has a manufacturing plant in Hanford, could soon be delisted from the Nasdaq exchange.
The big picture: Last week Nasdaq sent a notice to Faraday Future over the company’s failure to comply with listing rules that require a minimum closing share price of $1.
- As of publication on Thursday, Faraday Future’s stock was at $0.18.
- That’s half of where it stood one month ago, when it closed at $0.36 on Dec. 4, 2023.
- Faraday Future has struggled on the stock market for the past couple years.
- The company opened on Sep. 4, 2020 at a price of $779.20. The stock shot up to a peak of $1,476 on Jan, 29, 2021, the highest it would ever go.
- Faraday Future’s stock has not been worth more than $1 since early November of last year.
What we’re watching: Faraday Future must lift its stock price by over $1 dollar for at least 10 consecutive days by June 25 to be in compliance with the Nasdaq exchange.
