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.
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.
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.
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.
For reprint and licensing requests for this article, CLICK HERE.
Stories You May Also Be Interested In
- Silicon Beach Report Feb. 2: Snap Inc. Files for $3 Billion IPO; Discloses 158 Million Daily Active Users
- Silicon Beach Report July 10: Asian Goods E-Tailer Yamibuy Raises $10 Million
- Silicon Beach Report Nov. 15: Snap Inc. Files for IPO
- Silicon Beach Report Dec. 29: Faraday Future CEO Ding Lei Steps Down
- Silicon Beach Report June 5: Faraday Future Plans to Race FF 91 to Top of Pikes Peak
- Silicon Beach Report Nov. 16: Snap Signs Deal with Foursquare to Improve Geofilter Targeting
- Silicon Beach Report July 17: Faraday Future Makes High-Profile Hire from BMW Despite Financial Problems
- Faraday Future Breaks Ground on $1 Billion Factory