© Reuters. FILE PHOTO: A Faraday Future FF 91 electric car arrives on stage for a speed display during an unveiling event at CES in Las Vegas, Nevada January 3, 2017. REUTERS/Steve Marcus/File Photo
(Reuters) – Faraday Future Intelligent Electric received a notice from the Nasdaq stock exchange on Thursday regarding its failure to comply with listing rules that require a minimum closing price of $1, the electric vehicle startup disclosed in a filing.
The company, whose stock closed at 26 cents on Thursday, has until June 25 to return to compliance by raising its stock price above the required level for at least 10 consecutive days.
Faraday announced a reverse stock split in August to try to restore listing compliance, but since early September its shares have fallen about 96% as the company grapples with a cash flow crisis and problems supply chain.
In a bid to increase its current cash balance of $8.6 million, the company 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 major shareholders, FF Top Holding, which resulted in a board reshuffle.