News
Faraday Future Receives Advance Letter from Nasdaq on Form 10-Q
LOS ANGELES, May 28, 2024–(BUSINESS WIRE)–Faraday Future Intelligent Electric Inc. (“Faraday Future” or the “Company”) (NASDAQ: FFIE), a global shared intelligent electric mobility ecosystem company headquartered in California, today announced that on May 21, 2024, has received written notice from The Nasdaq Stock Market (“Nasdaq”) indicating that the Company’s failure to timely file the Quarterly Report on Form 10-Q for the period ended March 31, 2024 (the “Form 10-Q “) could serve as an additional basis for delisting the Company’s securities from Nasdaq under Nasdaq Listing Rule 5250(c)(1).
As previously disclosed, the Company has 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 an additional stay remains pending on Nasdaq, the Company expects that its securities will continue to trade on Nasdaq in the normal course during the pendency of the hearing process.
ABOUT THE FUTURE FARADAY
Faraday Future is the pioneer of the Ultimate AI TechLuxury ultra-spire market in the smart EV era and the disruptor of the traditional ultra-luxury car civilization symbolized by Ferrari and Maybach. FF is not only an electric vehicle company, but also a software-based smart Internet company. Ultimately, FF aims to become a user company, offering a shared smart mobility ecosystem. FF remains dedicated to advancing electric vehicle technology to meet the evolving needs and preferences of users around the world, driven by a quest for smart, 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 “estimate”, “projected”, “expect”, “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 beyond the Company’s control, which could cause actual results to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or results include, but are not limited to: 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 updating the consolidated financial statements previously issued by the Company; 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 analyzes developed by management; the market performance of the Company’s common shares; the Company’s ability to regain compliance with Nasdaq listing requirements; the Company’s ability to execute its plans for the development and commercialization of its vehicles and the timing of these development programs; the Company’s estimates of the size of the markets for its vehicles and the cost of bringing 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 safety of the Company’s vehicles; the Company’s ability to receive funds, satisfy conditions precedent and close the various financings described elsewhere by the Company; the outcome of current and future financing efforts, the failure of which could result in the Company seeking protection under the Bankruptcy Code; the Company’s debt; the Company’s ability to cover future warranty claims; Insurance coverage; the outcome of the Securities and Exchange Commission’s (“SEC”) investigation relating to the matters that were the subject of the Special Committee’s investigation; the success of the Company’s corrective measures taken in response to the Special Committee’s 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 itself against cybersecurity risks; general economic and market conditions that impact demand for the Company’s products; risks related to the Company’s operations in China; risks related to the Company’s shareholders who own a significant amount of the Company’s common shares; potential actions to reduce costs, number of employees and salaries may not be sufficient or may not achieve expected results; the Company’s ability to attract and retain directors and employees; any adverse developments in existing legal proceedings or the initiation of new legal proceedings; and volatility of the Company’s share price. The above list of factors is not exhaustive. You should carefully consider the above factors and the other risks and uncertainties described in the “Risk Factors” section of the Company’s Annual Report on Form 10-K/A for the year ended December 31, 2022 and the Quarterly Report on Form 10 -Q for the quarter ended September 30, 2023, as well as the risk factors incorporated by reference in Item 8.01 of the Current Report on Form 8-K/A filed with the SEC on December 28, 2023, and other documents filed by the Company since then in time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to place undue reliance on forward-looking statements, and the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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Contacts
Investors (English): ir@faradayfuture.com
Investors (Chinese): cn-ir@faradayfuture.com
Media: john.schilling@ff.com