Faraday Future (NASDAQ: FFIE) stock jumped during intraday trading Thursday after the EV startup announced the Nasdaq listing continuation with conditions.
Faraday Future announced on Wednesday that the Nasdaq Hearings Panel has granted the company an extension to meet the stock exchange’s listing requirements. This decision allows FF to retain its listing on the Nasdaq Stock Market, contingent upon meeting certain conditions by specified deadlines.
To comply with Nasdaq’s requirements, Faraday Future must adhere to the periodic reporting requirement by July 31, 2024, and meet the minimum bid price requirement by August 31, 2024. The company has already initiated several steps towards compliance, including filing its 2023 Annual Report on Form 10-K, appointing a new independent auditor, and submitting a preliminary proxy statement for a proposed reverse stock split.
Additionally, Faraday Future has committed to filing its first quarter Form 10-Q by the end of July and plans to submit its second quarter Form 10-Q on time.
Matthias Aydt, Global CEO of Faraday Future, expressed gratitude for the extension, stating,
“We would like to thank the Nasdaq Hearings Panel for this decision as it is a positive step in the right direction for FF to regain full compliance.”
Aydt emphasized the company’s dedication to completing additional requirements in the coming weeks.
This extension follows a period of uncertainty for Faraday Future, marked by challenges to meet Nasdaq’s listing standards. The company’s ongoing efforts to maintain compliance indicate a broader strategy to stabilize its operations and financial position.
Faraday Future (NASDAQ: FFIE) Stock Reaction
On Thursday, FFIE stock surged 30.86%, closing at $0.60, marking a 47.53% increase for the week. The trading volume was 575,696,768 shares, significantly higher than the average daily volume of 209.01 million.
