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Faraday Future Announces Nasdaq Delisting Determination and Intention to Appeal
LOS ANGELES--(BUSINESS WIRE)-- Faraday Future Intelligent Electric Inc. (“Faraday Future” or the “Company”) (NASDAQ: FFIE), a California-based global shared
About this update from Faraday Future Intelligent Electric Inc.
[{"type":"text","content":" LOS ANGELES--(BUSINESS WIRE)--\nFaraday Future Intelligent Electric Inc. (“Faraday Future” or the “Company”) (NASDAQ: FFIE), a California-based global shared intelligent electric mobility ecosystem company, today announced that it received a letter from The Nasdaq Stock Market LLC (“Nasdaq”) dated April 24, 2024, indicating that the Company was not in compliance with Nasdaq Listing Rule 5810(c)(3)(A)(iii), as the Company’s securities had a closing bid price of $0.10 or less for ten consecutive trading days. The letter indicated that, as a result, the Nasdaq staff has determined to delist the Company’s securities from The Nasdaq Capital Market (the “Delisting Determination”).\n\n\nAs previously reported, on December 28, 2023, Nasdaq notified the Company that the bid price of its listed securities had closed at less than $1.00 per share over the previous 30 consecutive business days and, as a result, did not comply with Listing Rule 5550(a)(2). The Company was provided 180 calendar days, or until June 25, 2024, to regain compliance with this rule.\n\n\nAdditionally, on April 18, 2024, Nasdaq notified the Company that since it had not yet filed its Form 10-K for the year ended December 31, 2023, it no longer complied with Listing Rule 5250(c)(1). Pursuant to Listing Rule 5810(c)(2)(A), this deficiency is now an additional basis for delisting.\n\n\nThe Company intends to request a hearing to appeal the Delisting Determination by May 1, 2024, the latest date permitted, which will stay the suspension of the Company’s securities for 15 days from the date of the request, during which time the Company’s securities will continue to be listed on The Nasdaq Capital Market. The Company also intends to request an extended stay of the suspension pending such hearing with Nasdaq’s Hearings Panel.\n\n\nIf the Company fails to appeal the Delisting Determination by May 1, 2024, trading of the Company’s common stock will be suspended at the opening of business on May 3, 2024, and a Form 25-NSE will be filed with the Securities and Exchange Commission, which will remove the Company’s securities from listing and registration on The Nasdaq Stock Market.\n\n\nThe Company is considering all potential options available to it to regain compliance with the aforementioned rules, including filing its 2023 Annual Report on Form 10-K, timely filing its Quarte...