Daily Scoop 🍦: Faraday (FFIE) Looks To Bearish Slump As Reverse Stock Split Looms

Faraday Future, a California-based global shared intelligent electric mobility ecosystem company, announced that:

The Company is proposing a reverse stock split ratio of up to 40:1. The Company may defer or not implement a reverse stock split if its stock price naturally gets the Company into compliance with Nasdaq’s minimum bid requirements.

The Company is also proposing an increase in authorized shares that would enable it to better pursue equity and equity-linked strategic financing.

The Company is considering hosting a retail investor community day.

Faraday Future shares tumbled 30% in morning trading Tuesday.

The biggest blow to FFIE stock comes from the EV company’s plans for a reverse stock split. Faraday Future intends to enact a reverse stock split to boost the price of its shares above the $1 minimum bid price required to remain on the Nasdaq Exchange.

FFIE: A Penny Stock Forever?

Faraday Future was down more than 21% at one point after hours. The company withdrew its 2024 vehicle production target guidance . FF may never achieve or maintain profitability for a variety of reasons. ------------------- Are you a bagholder of bottom fisher of FFIE? What's your target price?

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