Faraday Future continues to struggle for survival as shares plummet. In order to stay listed, they’re doing a 1-for-150 reverse stock split. Company is now focused on robots, but hasn’t given up on vehicles. Faraday Future doesn’t seem to know what they are anymore as they’ve pivoted from an ultra-luxury EV to a minivan no one seemingly wanted. The company eventually hit pause on the latter model and decided to embrace robots. Their aimless and seemingly random nature hasn’t thrilled investors, and their stock is down a staggering 92% year-to-date. It’s trading at just eight cents as of this writing and that’s slightly above the 52 week low of $0.066, but it puts them in danger of being delisted. More: After Failing At Cars, Faraday Is Now Focused On Robots In an effort to remain on the Nasdaq, the “global Embodied AI ecosystem company” has announced a 1-for-150 reverse stock split. It will occur on July 24 and the move means that for every 150 shares owned, investors will get one ‘new’ share. The split will reduce the number of shares from 384,527,828 to around 2,563,519. More importantly, it will boost the share price to around $12. This will bring it in compliance with Nasdaq’s minimum of $1. Of course, the company’s numerous problems remain and there’s little doubt the stock price will continue falling after the split. Despite the grim news, Faraday Future painted this as a positive development that will establish a “sustainable compliance buffer” and “enhance the attractiveness of the company’s common stock to investors.” As the firm noted, institutional investors, professional funds, and some trading platforms avoid low‑priced securities such as penny stocks. The company didn’t have much else to say, but noted cumulative sales, shipments, and deliveries of robots has surpassed 250 units. This appears to be Faraday’s main focus these days, but the company did announce a patent for a hybrid transmission system in June. At the time, they said it was “expected to be incorporated into the broader AIHER [AI Hybrid Extended-Range] system under development for future generations of FX models.”
