Faraday Future Receives Anticipated Letter from Nasdaq Regarding Form 10-Q
May 28 2024 - 4:39PM
Business Wire
Faraday Future Intelligent Electric Inc. (“Faraday Future” or
the “Company”) (NASDAQ: FFIE), a California-based global shared
intelligent electric mobility ecosystem company, today announced
that on May 21, 2024, it 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 the delisting of the Company’s securities from Nasdaq under
Nasdaq Listing Rule 5250(c)(1).
As previously disclosed, the Company 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 a further stay remains outstanding with Nasdaq, the Company
expects its securities to continue to trade on Nasdaq in the normal
course during the pendency of the hearing process.
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 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 “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 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 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
remediate its material weaknesses in internal control over
financial reporting; risks related to the restatement of the
Company’s 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; increased operating expenses; incorrect
assumptions and analyses developed by management; the market
performance of the Company’s common stock; the Company ability to
regain compliance with Nasdaq listing requirements; 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 success of other
competing manufacturers; the performance and security of the
Company’s vehicles; 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
current and 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; the outcome of the
Securities and Exchange Commission (“SEC”) investigation relating
to the matters that were the subject of the Special Committee
investigation; 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 manufacturers; the
Company’s ability to develop and protect its technologies; the
Company’s ability to protect against cybersecurity risks; general
economic and market conditions impacting demand for the Company’s
products; risks related to the Company’s operations in China; risks
related to the Company’s stockholders who own a significant amount
of the Company’s common stock; potential cost, headcount and salary
reduction actions may not be sufficient or may not achieve their
expected results; the ability of the Company 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 stock price. The foregoing list of
factors is not exhaustive. You should carefully consider the
foregoing 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 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 from time to 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 put undue reliance on
forward-looking statements, and the Company does not undertake any
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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version on businesswire.com: https://www.businesswire.com/news/home/20240528628153/en/
Investors (English): ir@faradayfuture.com Investors (Chinese):
cn-ir@faradayfuture.com Media: john.schilling@ff.com
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