Will Faraday Future Rise On Its Q4 23 Earnings Report?
๐๐๐$Faraday Future Intelligent Electric Inc.(FFIE)$
Faraday Future has surged to great heights recently on the back of last week's meme stock rally. After a week of high momentum, Faraday share price has dropped 2.5% today and in the past 5 days, Faraday is down by 40%.
Faraday has received a letter from Nasdaq dated April 24 2024 that it was not in compliance with the Nasdaq Listing Rule of maintaining at least USD 1 for 10 consecutive trading days. Faraday has also not filed its 2023 Annual Report on Form 10-K.
Faraday Future is currently trading at USD 1.16 per share which is above the USD 1 per share requirement. This could allow Faraday to continue trading in Nasdaq but it is hard to determine when its share price could dip below the USD 1 threshold mark.
I am not too optimistic about Faraday Future maintaining this threshold mark as its EV FF91 retails for above USD 300,000 per vehicle at a time when the competition for EVs is rather intense.
So I believe that Faraday Future will be sliding downwards next week post earnings. The meme stock rally has lost steam just as quickly as it comes.
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