Shulou(Shulou.com)11/24 Report--

Thank CTOnews.com netizens Rimi Ishihara for the delivery of the clue to happiness! CTOnews.com, June 21 (Xinhua)-- Faraday issued a series of announcements about its financial situation and delivery plans on Tuesday, causing panic in the market and causing its share price to plummet.

According to the announcement, Faraday will postpone the first delivery of its high-performance electric car FF 91 in the future, originally scheduled for the end of this month, but now it will be changed to August. The company said this was due to supplier delays and the need for additional testing. After the completion of the first delivery, the company will gradually deliver the goods to all bookers.

In addition, Faraday also proposed a reverse stock split in the future, with the aim of maintaining its listing on the NASDAQ stock exchange. The plan needs to be approved by Faraday's future shareholders, and then it is up to the board of directors to decide the proportion of the reverse split, ranging from 1 to 2 to 90.

Faraday also said in the future that more common shares may be issued to raise up to $300 million.

The news made investors worried about Faraday's future. Faraday's future share price has fallen nearly 90% over the past year, well below the Nasdaq minimum of $1 a share. During this period, the company has been facing the problem of insufficient funds needed to start car production. In February, the company raised $135 million by issuing convertible secured notes, but that was clearly not enough.

Us stocks fell more than 40 per cent in pre-market trading on Tuesday and were still down 37.56 per cent as of CTOnews.com.

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