EV startup Faraday Future Intelligent Electric Inc (NASDAQ:FFIE) on Sunday listed the different measures taken by the company to improve its stock price after it closed at $1.05 per share on Friday.
What Happened: The company’s stock price and resulting market cap has now hit its ‘darkest moment,’ it said in a statement. The current market cap is merely about 1% of the nearly $3 billion of cash invested into the business and does not reflect the company’s actual value, it added.
The company’s Global CEO Matthias Aydt and founder YT Jia said in an open letter that they felt a ‘profound sense of pain’ about the falling value and listed the different measures devised to battle the dropping share price. The different measures include investigating to identify and fight potential illegal short selling attempts, seeking investment for production ramp-up, and reducing operational costs. Further, executive leaders of the company intend to increase their holdings in the company, it added.
“The company and I have experienced and overcome so many difficulties and life-and-death challenges over the years. Our setbacks and successes have been on full display for everyone to witness,” Jia said. Jia, who previously founded tech conglomerate LeEco, filed for bankruptcy in the U.S. in October 2019 with personal net debt of around $2 billion.
Why It Matters: Faraday Future started trading on the NASDAQ in July 2021 via a SPAC merger. The stock has dropped a steep 95.16% year to date, and the company now has a market cap of about $27.36 million.
Image Credit – Faraday Future
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