Faraday Future Receives Anticipated Letter from Nasdaq Regarding Form 10-Q
Faraday Future announced that on May 21, 2024, it received a notice from Nasdaq regarding the failure to timely file its Quarterly Report on Form 10-Q for the period ending March 31, 2024. This failure could lead to the delisting of FFIE's securities under Nasdaq Listing Rule 5250(c)(1). The company has requested a hearing to present its plan for filing the report and remedying the stock price deficiency. Despite this, Faraday Future expects its securities to continue trading normally on Nasdaq during the hearing process.
- Company requested a hearing to address the issue, indicating proactive measures.
- Faraday Future expects its securities to continue trading normally during the hearing process.
- Failure to file the Quarterly Report on Form 10-Q on time.
- Potential delisting from Nasdaq under Listing Rule 5250(c)(1).
- Uncertainty regarding the outcome of the upcoming Nasdaq hearing.
- Additional scrutiny from investors due to missed filing deadlines.
As previously disclosed, the Company requested a hearing before the Nasdaq Hearings Panel (the “Panel”), at which the Company will present its plan to file the Form 10-Q as well as its plan to remedy the stock price deficiency. Although the Company’s request for a further stay remains outstanding with Nasdaq, the Company expects its securities to continue to trade on Nasdaq in the normal course during the pendency of the hearing process.
ABOUT FARADAY FUTURE
Faraday Future is the pioneer of the Ultimate AI TechLuxury ultra spire market in the intelligent EV era, and the disruptor of the traditional ultra-luxury car civilization epitomized by Ferrari and Maybach. FF is not just an EV company, but also a software-driven intelligent internet company. Ultimately FF aims to become a User Company by offering a shared intelligent mobility ecosystem. FF remains dedicated to advancing electric vehicle technology to meet the evolving needs and preferences of users worldwide, driven by a pursuit of intelligent and AI-driven mobility.
FORWARD LOOKING STATEMENTS
This release includes “forward looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this release the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements, which include statements regarding the expected timing and implementation of the reverse split and the commencement of trading of the Company’s post-split common stock, involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include, among others: the Company’s ability to continue as a going concern and improve its liquidity and financial position; the Company’s ability to remediate its material weaknesses in internal control over financial reporting; risks related to the restatement of the Company’s previously issued consolidated financial statements; the Company’s limited operating history and the significant barriers to growth it faces; the Company’s history of losses and expectation of continued losses; increased operating expenses; incorrect assumptions and analyses developed by management; the market performance of the Company’s common stock; the Company ability to regain compliance with Nasdaq listing requirements; the Company’s ability to execute on its plans to develop and market its vehicles and the timing of these development programs; the Company’s estimates of the size of the markets for its vehicles and cost to bring those vehicles to market; the rate and degree of market acceptance of the Company’s vehicles; the success of other competing manufacturers; the performance and security of the Company’s vehicles; the Company’s ability to receive funds from, satisfy the conditions precedent of, and close on the various financings described elsewhere by the Company; the result of current and future financing efforts, the failure of any of which could result in the Company seeking protection under the Bankruptcy Code; the Company’s indebtedness; the Company’s ability to cover future warranty claims; insurance coverage; the outcome of the Securities and Exchange Commission (“SEC”) investigation relating to the matters that were the subject of the Special Committee investigation; the success of the Company’s remedial measures taken in response to the Special Committee findings; the Company’s dependence on its suppliers and contract manufacturers; the Company’s ability to develop and protect its technologies; the Company’s ability to protect against cybersecurity risks; general economic and market conditions impacting demand for the Company’s products; risks related to the Company’s operations in
View source version on businesswire.com: https://www.businesswire.com/news/home/20240528628153/en/
Investors (English): ir@faradayfuture.com
Investors (Chinese): cn-ir@faradayfuture.com
Media: john.schilling@ff.com
Source: Faraday Future Intelligent Electric Inc.
FAQ
What action has Faraday Future (FFIE) taken regarding their missed 10-Q filing?
What is the potential consequence for Faraday Future (FFIE) failing to file the Form 10-Q?
When did Faraday Future receive the notice from Nasdaq regarding the Form 10-Q?
Will Faraday Future's (FFIE) securities continue to trade on Nasdaq?
