Stock Track | Faraday Future Stock Plunges as Company Urges Shareholders to Approve Key Proposals

Stock Track07-20

Shares of Faraday Future Intelligent Electric Inc. (FFIE) plummeted 6.35% in intraday trading on Thursday, as the electric vehicle startup urged shareholders to vote in favor of crucial proposals at its upcoming Annual General Meeting (AGM) on July 31, 2024.

In an open letter, FFIE's Board of Directors and founder YT Jia emphasized the importance of shareholder participation and support for two key proposals: an increase in authorized shares and approval for a reverse stock split.

The company is seeking approval to increase the number of authorized shares, which is vital for raising additional capital and supporting its strategic objectives, including ramping up production and delivery of the FF 91 electric vehicle. Failure to obtain approval could potentially lead to bankruptcy, according to the letter.

Additionally, FFIE is seeking approval for a reverse stock split with a ratio of between 2-to-1 and 40-to-1. This measure is aimed at helping the company meet the minimum bid price requirement necessary to maintain its listing on the Nasdaq Capital Market. The Nasdaq Hearings Panel has granted FFIE continued listing conditional upon meeting the minimum bid price by August 31, 2024. Failure to obtain approval could result in delisting, which the company believes would hinder its ability to raise financing.

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(FFIE) plummeted 6.35% in intraday trading on Thursday, as the electric vehicle startup urged shareholders to vote in favor of crucial proposals at its upcoming Annual General Meeting (AGM) on July 31, 2024.</p>\n\n<p>In an open letter, FFIE's Board of Directors and founder YT Jia emphasized the importance of shareholder participation and support for two key proposals: an increase in authorized shares and approval for a reverse stock split.</p>\n\n<p>The company is seeking approval to increase the number of authorized shares, which is vital for raising additional capital and supporting its strategic objectives, including ramping up production and delivery of the FF 91 electric vehicle. Failure to obtain approval could potentially lead to bankruptcy, according to the letter.</p>\n\n<p>Additionally, FFIE is seeking approval for a reverse stock split with a ratio of between 2-to-1 and 40-to-1. 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(FFIE) plummeted 6.35% in intraday trading on Thursday, as the electric vehicle startup urged shareholders to vote in favor of crucial proposals at ...</p>\n\n<a href=\"\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"FFIE","symbol_name":"Faraday Future","start_time":0,"source_url":"","article_id":"1195401435","we_media_id":"1086803395","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1195401435","pubTimestamp":1721428819,"sourceInfo":null,"weMediaInfo":{"media_name":"Stock Track","introduction":"Track stock‘s movements and relevant news","home_visible":1,"id":"1086803395","head_image":"https://static.tigerbbs.com/a81accab1e7ee4144dc051f71903a390"},"summary":"Shares of Faraday Future Intelligent Electric Inc.  plummeted 6.35% in intraday trading on Thursday, as the electric vehicle startup urged shareholders to vote in favor of crucial proposals at its upcoming Annual General Meeting  on July 31, 2024.In an open letter, FFIE's Board of Directors and founder YT Jia emphasized the importance of shareholder participation and support for two key proposals: an increase in authorized shares and approval for a reverse stock split.Additionally, FFIE is seeki","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"FFIE":"Faraday Future"},"translate_title":"股票追踪法拉第未来股价暴跌，公司敦促股东批准关键提案","themeId":"","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"FFIE":1},"content_text":"Shares of Faraday Future Intelligent Electric Inc. 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