Faraday Future tumbled about 22% in overnight trading. The Electric vehicle maker was withdrawing its production forecast for 2024 due to current market conditions and levels of funding, sending its shares down more than 6% in extended trading.
The company said in November it had expected to make around 1,000 vehicles in 2024.
Faraday said on Tuesday it is pursuing additional strategic investors to support growth as well equipment, and intellectual property-backed financing to reduce reliance on dilutive funding.
Faraday also said it received a letter from the Nasdaq stock exchange indicating that its failure to timely file its quarterly report for the quarter ended March 31 would serve as additional basis for delisting the stock.
The company said earlier this month that it would be unable to publish its first-quarter filing on time.
Faraday was hit with a delisting notice from the Nasdaq in December over its failure to comply with rules that require a minimum closing share price of $1.
Nvidia's shares continued to jump nearly 2% in overnight trading after soaring around 6% to hit a record high on Tuesday, leaving the AI chipmaker's stock market value about $100 billion away from overtaking Apple in a major reshuffle of Wall street's biggest players.
Shares of American Airlines continued to sink about 6% in overnight trading after dropping about 6% in the extended session. American Airlines Group Inc. late Tuesday slashed its guidance for the current quarter, roughly one month after offering an upbeat take for the three-month period, which includes the height of summer air travel in the U.S.
American said it expects it will report second-quarter adjusted earnings of about $1 to $1.15 a share. That compares to a late April guidance of adjusted EPS between $1.15 and $1.45 for the quarter.
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