Nasdaq approves Faraday Future’s plan to regain listing | John Lindt | business

Faraday Future announced that the Nasdaq Stock Market has accepted the company’s plan to restore compliance with Nasdaq Listing Rule 5250, which allows FF common stock and warrants to continue listing on the Nasdaq Global Select Market. . The Nasdaq has granted the company an extension until May 6, 2022 to file its quarterly report on Form 10-Q for the quarter ended September 30, 2021. The extension also covers the company’s annual report for the fiscal year ended September 30, 2021. December 31, 2021.

Faraday Future received a letter from Nasdaq on November 17, 2021 stating that the company was not in compliance with the Nasdaq listing rule because it failed to timely file its Form Q3 10-Q with the SEC.

On February 1, 2022, the company announced the completion of the Special Committee’s investigation into accusations that the company misled investors. Since then, the company has continued to implement the corrective actions approved by the Special Committee and to undertake additional investigative and remedial work based on the results of the Special Committee’s investigation.

Valley counties lose holiday jobs in January

The unemployment rate in Kings County was 8.9% in January 2022, down from a revised 7.5% in December 2021, and lower than the estimate of 11.3% a year ago. Kings, like neighboring Fresno County, has lost many seasonal jobs filled over the holidays, including those in retail and recreation services. In Fresno, trade, transportation and utilities posted the largest month-over-month decline with a loss of 1,600 jobs after the holiday season. Retail trade (down 1,000 jobs) accounted for about 63% of job losses in this sector. Leisure and hospitality saw a drop of 1,400 jobs. and construction also lost hundreds of jobs.

Home sales down here but medians up

In Kings County, the median home price climbed to $327,000 in February from $322,000 in January and $280,000 in February 2021. Sales fell 13.6% month-on-month. another, but the median prices increased by 12.8% compared to the previous year.

More Californians are choosing hybrid/electric transportation as oil prices rise

The California New Car Dealers Association says nearly a quarter of new vehicle purchases in 2021 were in the hybrid/electric category as oil and gas prices in the state punish motorists. For comparison, the market share of alternative fuel vehicles was around 9% in 2017. Plug-in hybrid’s share fell from 1.9% of sales in 2020 to 3.3% last year. , as more automakers offered the product. Electric trucks are now coming to market.

Californians use less gasoline than they pumped. In 2015, the state recorded just over 15 billion gallons sold in California, or about 4.4 million gallons per day according to the Energy Information Agency. The latest figures available for 2021 – show around 3.7 million gallons sold per day – compared to pandemic figures in mid-2020 when the number was as low as 2.7 million gallons per day for a period. Everyone stayed at home.

Overall gas sales in California have plunged from a peak of more than 8 million gallons per day in 2006 to 3.7 million gallons per day today. This is largely due to the much higher average mileage of the California fleet, including a rise in non-oil cars.

PG&E, Ford and GM are co-developing two-way electric vehicle charging technology for home use

Pacific Gas and Electric Company, Ford and GM announced they would collaborate to see how directional charging technology in electric vehicles, like the Ford F-150, can be used as an on-demand power source for homes across the PG&E service area.

The F-150 Lightning will play a vital role in this investigation due to its role as the first commercially available light truck to possess bi-directional capabilities thanks to its intelligent backup power. According to the companies’ estimates, the truck could provide backup power to customers’ homes in PG&E’s service area for up to 10 days during outages, depending on household power consumption.

“We are really excited about this innovative collaboration with GM. Imagine a future where everyone drives an electric vehicle – and where that electric vehicle serves as a home backup power option and, more broadly, a resource for the grid. Not only is this a huge step forward for electrical reliability and climate resilience, but it’s another benefit of clean electric vehicles, which are so important in our collective fight against climate change,” said Patti Poppe. , CEO of PG&E Corporation. By the end of 2025, GM will have more than one million units of electric vehicle capacity in North America to meet growing demand.

Frost hits the almonds of the valley

A late-February frost hit much of the Valleys almond-growing region just as flowering was underway, though it appears the northern counties were hardest hit. Kings County has some 33,000 acres of almonds while neighboring Kern and Fresno counties have about 160,000 acres each. Almond trees in full bloom are especially sensitive to freezing temperatures at or below 28℉. Performance may be affected, but the extent of damage may not be immediately apparent.

Kings Ag commissioner Jimmy Hook said: ‘It looks like we dodged a bullet’ at the event in our area, although there were reports of damage. Others are not so lucky.

The state’s almond industry is valued at around $5 billion. A memo from Brian Noeller, regional member relations manager for Blue Diamond Growers, said the northern region of California’s almond country suffered the most damage, with some farmers reporting “near total losses in areas more cold”.

“As almonds are the first crop to flower and are extremely susceptible to frost, we are deeply concerned for our grower-owners and all California farmers who are impacted by these frost conditions,” said Mark Jansen, president and chief operating officer. management of Blue Diamond Growers.

A report estimates the damage. Rich Kreps, crop consultant at Ultra Gro Plant Food, said he knows of areas in Delano, east of Madera, and Cantua Creek, in western Fresno County, that have been particularly hard hit by freezing temperatures that lasted several hours.

After visiting farms in Madera County, Kreps said younger orchards — those between 3 and 7 years old — seemed to be worse off than older orchards, especially older ones that still had access to irrigation. by flooding, which can provide farmers with the best frost protection when used. effectively.

Some counties may declare a disaster due to frost.

Almond growers have learned that almond shipments for export through February of the year to date are down 21%.

Solar on the farm — SGMA impact

According to the US Department of Agriculture, 8% of California farms have an on-site renewable energy system.

The California Farm Bureau reports that Aaron Barcellos, who grows row crops and trees in Merced and Fresno counties, took advantage of federal tax incentives and invested in building two solar systems totaling 1.4 megawatts to offset the energy consumption of the farm.

“Most farmers, if they have a drip system with an electric pump on it, are probably spending between $80 and $120 per acre per year, at least just on their energy costs, depending on the crop and the amount. of water they deliver,” Barcellos explained. “Energy consumption on the farm is definitely a big issue. It’s one of those budget items that we always check.”

With the ongoing drought and regulations that require local agencies to balance groundwater supplies under the Sustainable Groundwater Management Act, or SGMA, more and more farmers are looking to renewable energy as a source. of income, especially with agricultural land which should cease to produce.

“Right now agriculture has a huge role to play, especially with SGMA,” Barcellos said. “We know we’re going to take land that doesn’t have enough water, and there’s a lot of interest in solar power for that.”

Arian Aghajanzadeh, an agricultural technology expert who founded Klimate Consulting in San Francisco, said farmers have a unique role to play in California’s energy future.

“Agriculture and land use is the only sector of the economy that can move from a major source of carbon emissions to a major carbon sink” by reducing emissions, Aghajanzadeh said. “No other sector can achieve this.”

WSJ- Ports improve container shipping

The Wall Street Journal reports that “containers are moving faster through Southern California’s beleaguered port complex, leaving businesses wondering if they’ve turned a corner. Paul Berger of the report writes, and a trip through one of the large Port of Los Angeles terminals suggests that cargo is flowing more smoothly than it has in a long time. This may largely be because Los Angeles and nearby Long Beach Harbor catch their breath during the seasonal lull around Lunar New Year.

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