Shares of Faraday Future Intelligent Electric Inc. (FFIE) plummeted by 8.46% during intraday trading on Monday, as the luxury electric vehicle maker grapples with looming deadlines and a desperate need for cash to keep its operations afloat.
The company is facing a race against time to comply with Nasdaq listing requirements and avoid delisting. It must submit all outstanding SEC filings by July 31 and maintain a share price above $1 for 10 consecutive days by August 31. Failure to meet these requirements could result in Faraday Future's stock being relegated to the over-the-counter market.
In a bid to survive, Faraday Future is exploring various strategies to inject much-needed cash into its business. The company is borrowing ideas from industry peers like Lucid Group and Rivian Automotive, including seeking investments from the United Arab Emirates to establish an electric vehicle industry and allowing Chinese EVs to be built at its California factory. Additionally, Faraday Future plans to sell its proprietary technology to other automakers, following in the footsteps of Rivian's strategy.
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