Faraday Future (FFIE) received a notice from the Nasdaq exchange on Thursday after failing to meet the listing rules mandating a minimum closing share price of $1.
According to a filing by the electric-vehicle startup, its shares closed at 26 cents on Thursday. The company has until June 25 to rectify this non-compliance by maintaining a stock price above the required level for at least 10 consecutive days.
Despite announcing a reverse stock split in August to regain compliance, Faraday's shares have plummeted by approximately 96% since the beginning of September. The company has been contending with financial constraints and supply-chain issues.
In a bid to boost cash reserves, which currently stand at $8.6 million, Faraday unveiled plans in late September to raise up to $90 million through a stock offering.
Additionally, the company faced a governance dispute with FF Top Holding, one of its major shareholders, resulting in a board reshuffle.
Shares of FFIE are down 9.45% in early trading Friday morning.