Faraday Future Receives Approval for Continued Listing from the Nasdaq Hearings Panel Subject to Certain Compliance Deadlines
28 June 2024 - 6:30AM
Business Wire
Faraday Future Intelligent Electric Inc. (Nasdaq: FFIE) (the
“Company”), a California-based global shared intelligent electric
mobility ecosystem company, today announced that the Company was
notified on June 26, 2024 by The Nasdaq Stock Market LLC (“Nasdaq”)
that the Nasdaq Hearings Panel has granted the Company’s request
for continued listing on Nasdaq subject to the Company’s compliance
with the periodic reporting requirement by July 31, 2024, and the
minimum bid price requirement by August 31, 2024. The Company is
taking definitive steps to timely satisfy the conditions set forth
in the decision letter and expects to update shareholders regarding
any material events relating to the Company’s Nasdaq listing, as
applicable.
The Company recently announced that it has taken steps to regain
full Nasdaq compliance, including filing its 2023 Annual Report on
Form 10-K at the end of May, engaging a new independent auditor,
filing a preliminary proxy statement with a proposal to effect a
reverse stock split, and committing to file its first quarter Form
10-Q no later than the end of July. In addition, the Company
intends to timely file its second quarter Form 10-Q.
“We would like to thank the Nasdaq Hearings Panel for this
decision as it is a positive step in the right direction for FF to
regain full compliance,” said Matthias Aydt, Global CEO of FF. “We
plan to continue on this trajectory of committing to completing
additional requirements in the coming weeks.”
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 press 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
press 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 Company’s plan to regain
compliance with Nasdaq listing standards, the Company’s intended
reverse stock split, the Company’s intention to hold its annual
meeting, and the timing of filing the Company’s periodic reports,
are not guarantees of future performance, conditions or results,
and 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 satisfy the conditions for
continued listing set forth by the Nasdaq Hearings Panel; the
possibility that stockholder approval for the reverse stock split
will not be obtained; the possibility that factors unrelated to the
reverse stock split may impact the per share trading price of the
Common Stock; the Company’s ability to regain compliance with, and
thereafter continue to comply with, the Nasdaq listing
requirements; the Company’s ability to pay its outstanding
obligations; the Company's ability to remediate its material
weaknesses in internal control over financial reporting and the
risks related to the restatement of 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; the success of the
Company’s payroll expense reduction plan; 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 Company’s ability to cover future warrant
claims; the success of other competing manufacturers; the
performance and security of the Company’s vehicles; current and
potential litigation involving the Company; 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 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; general economic and
market conditions impacting demand for the Company’s products;
potential negative impacts of a reverse stock split; potential
cost, headcount and salary reduction actions may not be sufficient
or may not achieve their expected results; circumstances outside of
the Company's control, such as natural disasters, climate change,
health epidemics and pandemics, terrorist attacks, and civil
unrest; risks related to the Company's operations in China; 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 manufacturer; the Company's ability to
develop and protect its technologies; the Company's ability to
protect against cybersecurity risks; the ability of the Company to
attract and retain employees; any adverse developments in existing
legal proceedings or the initiation of new legal proceedings; and
volatility of the Company’s stock price. You should carefully
consider the foregoing factors and the other risks and
uncertainties described in the “Risk Factors” section of the
Company’s Form 10-K filed with the Securities and Exchange
Commission (“SEC”) on May 28, 2024, as amended on May 30, 2024 and
June 24, 2024, and other documents filed by the Company from time
to time with the SEC.
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version on businesswire.com: https://www.businesswire.com/news/home/20240627131570/en/
Investors (English): ir@faradayfuture.com
Investors (Chinese): cn-ir@faradayfuture.com
Media: john.schilling@ff.com
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