Los Angeles, April 19, 2024–(BUSINESS WIRE)–Faraday Future Intelligent Electric, Inc. (“Faraday Future” or the “Company”) (NASDAQ: FFIE) is a California-based global shared intelligent electric mobility ecosystem company. Today, we announced that we received the letter. (“Nasdaq Letter”) from the Nasdaq Stock Market (“Nasdaq”) dated April 18, 2024, indicating that the Company did not comply with Nasdaq Listing Rule 5250(c)(1). The Nasdaq Letter was issued in accordance with Nasdaq's standard procedures due to the late filing of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (“Form 10-K”). The Nasdaq Letter allows 60 calendar days to submit a plan to restore compliance with Nasdaq Listing Rule 5250(c)(1), and Nasdaq staff may file an exception up to 180 calendar days after filing. You have notified us that you can give us the Form 10-K deadline to restore compliance. The Nasdaq Letter further informed the Company that it will be placed on the Nasdaq Non-Compliant List of Companies five business days after April 18, 2024.
The Company previously filed a Form 12b-25 with the Securities and Exchange Commission on April 2, 2024, disclosing its failure to file a Form 10-K within the required time period without undue effort or expense. Did. As stated in Form 12b-25, we are working diligently toward our goal of being able to file a Form 10-K by the end of April 2024; We cannot predict with certainty when preparation and submission will be completed. Form 10-K is completed.
The Company intends to submit a plan to restore compliance to the Nasdaq Listing Qualification Division in a timely manner. During this period, and during any extension period granted to us by the Nasdaq Listing Eligibility Division, our securities will continue to be listed on Nasdaq. Once we file a Form 10-K and complete any subsequent filing period that expires within the 180-day period described above, we will again become compliant with his 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 represented by Ferrari and Maybach. FF is not just an EV company, it's also a software-driven intelligent internet company. FF ultimately aims to become a user company by providing a shared intelligent mobility ecosystem. FF will continue to focus on advancing electric vehicle technology to meet the evolving needs and preferences of users around the world with the pursuit of intelligent, AI-driven mobility.
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Forward-looking statements
This release contains “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. When used in this release, the words “estimate,” “predict,” “expect,” “expect,” and “expect” are used. “anticipate,” “plan,” “intend,” “believe,” “seek,” “may,” “will,” “should,” “future,” “propose.” ”, and variations of these words or similar expressions (or negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements include statements regarding the expected timing and implementation of the reverse stock split and the commencement of trading in the Company's common stock after the split, and are subject to a number of known and unknown risks, uncertainties, assumptions and Includes other important elements. Many of these are beyond our control and could cause actual results or outcomes to differ materially from those described in the forward-looking statements. Important factors that could affect actual results and results include, among others: our ability to continue as a going concern and improve our liquidity and financial condition; our ability to remediate material weaknesses in our internal control over financial reporting; risks related to the restatement of our previously issued consolidated financial statements; The company has a limited history and faces significant barriers to growth. our history of losses and expectations of continued losses; Increase in operating expenses. Incorrect assumptions and analysis made by management. market performance of our common stock; our ability to regain compliance with Nasdaq listing requirements; our ability to execute our vehicle development and sales plans and the timing of these development programs; our estimates of the size of the market for our vehicles and the costs of bringing those vehicles to market; the rate and degree of market acceptance of our vehicles; the success of other competing manufacturers; Performance and safety of our vehicles. the Company's ability to receive funds from, satisfy preconditions to, and complete the various financings described elsewhere; The failure of any of our current and future financing efforts could result in us seeking protection under bankruptcy law. Company debt. our ability to cover future warranty claims; Insurance coverage. Results of Securities and Exchange Commission (“SEC”) Investigations of Matters Subject to Special Committee Investigations. the success of any corrective actions taken by the Company in response to the Special Committee's findings; dependence on our suppliers and contract manufacturers; our ability to develop and protect our technology; the Company's ability to protect against cybersecurity risks; general economic and market conditions affecting demand for our products; risks related to our operations in China; risks related to our stockholders owning a significant amount of our common stock; Potential cost, headcount and salary reduction measures may not be sufficient or may fail to achieve the desired results. the Company's ability to attract and retain directors and employees; adverse developments in existing legal proceedings or the commencement of new legal proceedings; volatility of our stock price; The foregoing list of factors is not exhaustive. For the year ending December 31, 2022, the foregoing factors and Other risks and uncertainties should be carefully considered. For the quarter ended September 30, 2023, and the risk factors incorporated by reference in Item 8.01 of our Current Report on Form 8-K/A filed with the SEC on December 28, 2023, and since then Other documents filed by Coordination with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events or results to differ materially from those contained in the forward-looking statements. . Forward-looking statements speak only as of the date on which they are made. Readers are cautioned not to place undue reliance on forward-looking statements and, except as required by law, the Company does not guarantee that future prospects, whether as a result of new information, future events or otherwise, We undertake no obligation to update or revise any forward-looking statements. .
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contact address
Investor (English): ir@faradayfuture.com
Investor (Chinese): cn-ir@faradayfuture.com
Media: john.schilling@ff.com
