(Reuters) – Faraday Future Intelligent Electric got a notice from the Nasdaq exchange on Thursday over its failure to comply with listing rules that require a minimum closing share price of $1, the electric-vehicle startup disclosed in a filing.
The firm, whose shares closed at 26 cents on Thursday, has until June 25 to regain compliance by lifting its stock price over the required level for at least 10 consecutive days.
Faraday in August announced a reverse stock split in an attempt to regain listing compliance, but since the start of September, its shares have declined around 96% as the company grapples with a cash crunch and supply-chain issues.
In an attempt to boost its current cash balance of $8.6 million, it announced plans in late September to raise up to $90 million through a stock offering.
The company was also involved in a governance dispute with one of its largest shareholders, FF Top Holding, which resulted in a board reshuffle.
(Reporting by Zaheer Kachwala in Bengaluru; Editing by Devika Syamnath)
