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Shares of Faraday Future (NASDAQ:FFIE) stock are in the red today despite a positive update from the Nasdaq.
On May 28, Faraday announced that it had requested a hearing in front of the Nasdaq Hearings Panel in order to present its plan for continued listing. The plan included filing its delayed Form 10-Q, or quarterly report, for the quarter ended March 31 and regaining compliance with Nasdaq’s minimum bid price requirement of $1. The electric vehicle (EV) company requested a deadline of Aug. 30 to achieve the minimum bid requirement.
Now, the panel has responded, accepting FF’s request for continued listing on two conditions. First, the EV company must file its first-quarter Form 10-Q by July 31. Second, it must regain compliance with the minimum bid price requirement by Aug. 31. Regaining compliance is defined as having a…
