Written by Cláudio Afonso | LinkedIn | X
Electric vehicle (EV) startup Faraday Future announced Friday it will host an investor community day at its headquarters in Los Angeles on July 20.
The announcement follows last week’s notice regarding its Annual Meeting of Shareholders, scheduled for eleven days later, on July 31. On Friday, the stock closed 4.25 percent higher at $0.422 per share resulting in a market cap of $47.9 million.
During this meeting, the company will seek shareholder approval for a reverse stock split, aiming to comply with Nasdaq’s listing rule that requires the stock to trade above the $1 threshold.
To attend the investor community day in Los Angeles, shareholders can register until Wednesday, July 17. In a statement, Faraday Future invites the investors to “experience and learn more” about its luxurious electric model FF 91 2.0 and “meet with executive leadership”.
Among the proposals facing shareholders’ vote in the upcoming Annual meeting, the most significant is the approval of a reverse stock split for the common stock, with a ratio ranging from 1-for-2 to 1-for-40. If approved, the ratio will be defined by the company’s Board of Directors.
NEVER MISS AN UPDATE
On Friday, the company also said it entered into a $4.9 million lease financing arrangement with Utica Leaseco, as revealed in a SEC filing.
The agreement aims to support the EV maker’s operational and production capabilities. Year to date, the company has delivered only one vehicle as it seeks more funding in the Middle East region.
Utica will lease various machinery, vehicles, and equipment to Faraday Future over the next four years with the US-based startup making 51 monthly payments of $146,510.
At the end of the term, the company has the option to buy out the lease for $490,000 under specified conditions, according to the filing.
In a new video shared on Thursday, FF’s founder YT Jia commented on the EV market comparing China, the United States and Europe while stating that Tesla leads the U.S. EV market.
“Tesla is the only dominant player in the US EV market, and a flourishing development of the industry is far from being formed,” Jia said in a video statement.
NEVER MISS AN UPDATE
Here’s the full video.
FF’s Founder and the current Chief Product & User Ecosystem Officer highlighted the difference between Chinese EVs on AI-powered EVs.
“The Chinese AI EV industry has entered the elimination and the consolidation stage but the preliminary round in the United States has not even begun,” he stated.
NEVER MISS AN UPDATE
Written by Cláudio Afonso | LinkedIn | X
The post Faraday Future to Hold “Investor Community Day” on July 20 first appeared on EV.