Faraday Future cancels plans to build assembly factory in California, Snap Inc. stock jumps after underwriters give company ‘buy’ rating, and Nasdaq threatens to drop Global Eagle over delayed SEC filing.

Faraday Future Cancels Plans to Build Assembly Factory in California

Beleaguered electric car manufacturer Faraday Future announced that it had canceled plans to build an assembly factory in Vallejo on Mare Island, Calif., reports TechCrunch. The company said it plans to focus more of its resources and effort on its production vehicle and partially completed plant in North Las Vegas.

Snap Inc. Stock Jumps After Underwriters Give Company ‘Buy’ Rating

The stock price for Snap Inc. jumped more than 4.5 percent to $23.83 a share after underwriters of the company’s initial public offering gave the company a buy rating in their research notes, reports Variety. Monday marked the end of a 25-day quiet period for banks that supported Snap’s IPO. The company’s stock has fluctuated wildly since it began trading this month.

Nasdaq Threatens to Drop Global Eagle Over Delayed SEC Filing

Satellite connectivity provider Global Eagle Entertainment has been given until May 19 to release its 2016 financial results to avoid the risk of being dropped from the Nasdaq stock exchange, reports Space News. Last week, Nasdaq gave Global Eagle 60 days to either file the overdue 10-K or submit a plan for regaining compliance with Nasdaq’s listing rules.

Send tips on L.A. tech companies and startups to reporter Garrett Reim via greim@labusinessjournal.com. Follow @garrettreim on Twitter for the latest in L.A. tech news.

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