Faraday Future Intelligent Electric Inc. (“Faraday Future” or the “Company”) (NASDAQ: FFIE), a California-based global shared intelligent electric mobility ecosystem company, announced that it received a letter (the “Nasdaq Letter”) from The Nasdaq Stock Market (“Nasdaq”) dated April 18, 2024, indicating that the Company was not in compliance with Nasdaq Listing Rule 5250(c)(1). The Nasdaq Letter was issued in accordance with standard Nasdaq procedures due to the delayed filing of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (the “Form 10-K”). The Nasdaq Letter advised the Company that it is permitted 60 calendar days to submit a plan to regain compliance with Nasdaq Listing Rule 5250(c)(1), and that the Nasdaq staff can grant the Company an exception of up to 180 calendar days from the due date of the Form 10-K to regain compliance. The Nasdaq Letter further advised the Company that it will be placed on a list of non-compliant Nasdaq companies beginning five business days of April 18, 2024.
The Company previously filed a Form 12b-25 with the U.S. Securities and Exchange Commission on April 2, 2024, disclosing that it was unable to file the Form 10-K within the prescribed time period without unreasonable effort or expense. As noted in the Form 12b-25, the Company is working diligently towards the goal of being in a position to file the Form 10-K by the end of April 2024, but at this time cannot predict with certainty when the preparation and filing of the Form 10-K will be completed.
The Company intends to timely submit a plan to regain compliance to the Nasdaq Listing Qualifications Department. During this time, and for the extension period which may be granted to the Company by the Nasdaq Listing Qualifications Department, the Company’s securities will continue to be listed on Nasdaq. Upon the Company’s filing of its Form 10-K and any subsequent period filing that will be due within the 180-day period referenced above, the Company will again become compliant with Nasdaq Marketplace Rule 5250(c)(1).
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.
Source link:https://app-us.ff.com/
