Faraday Future continues to fight for survival as its stock price has plummeted. The company announced a 1-for-150 reverse stock split to remain listed on the Nasdaq.
The split will take effect on July 24. For every 150 shares owned, investors will receive one new share.
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This reduces the total number of shares from about 384.5 million to roughly 2.56 million.
Currently trading at eight cents per share, the stock is down 92% year-to-date.
The reverse split is expected to boost the share price to around $12, bringing it above Nasdaq's minimum $1 requirement.
Faraday Future has pivoted from its original ultra-luxury EV plans to focus on robots.
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The company noted that cumulative sales, shipments, and deliveries of robots have surpassed 250 units.
Despite the grim financial situation, Faraday Future described the split as a positive step.
It said the move would establish a "sustainable compliance buffer" and enhance the stock's attractiveness to institutional investors and professional funds that avoid penny stocks.
In June, the company also announced a patent for a hybrid transmission system.
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It expects the technology to be incorporated into the AIHER system under development for future FX models.
