Faraday Future is in delisting trouble, Nasdaq issues delisting warning

News on April 30, 2022, electric vehicle manufacturer Faraday Future (FF) has recently fallen into a delisting crisis. The company has received a delisting notice from the Nasdaq exchange due to continued sluggish stock prices and problems with filing financial reports. The Nasdaq Exchange issued an announcement on April 24 stating that Faraday Future’s stock price has been below $0.10 for the past ten trading days, a situation that violated Rule 5810 of the Nasdaq Listing Rules, and the company therefore Face the risk of being removed from Nasdaq. Although Faraday Future is currently actively seeking to resolve the delisting issue, the difficulties it faces will also put it at risk of being delisted from the capital market. This is a huge challenge for the company's operations and development, and creates uncertainty about its future development.

Nasdaq has issued a warning to Faraday Future on December 28, 2023, because its stock price has been below $1 per share for 30 consecutive trading days, which violates the listing requirements. Rule 5550. Nasdaq requires Faraday Future to return to compliance by June 25, 2024. However, Faraday Future failed to submit its 10-K annual report on December 31, 2012 as scheduled, which violated Rule 5250 of the Listing Rules. Although Faraday Future has been included on Nasdaq's list of non-compliant companies, the company has been allowed 60 days to submit a compliant rectification plan.

According to the editor’s understanding, facing the pressure of delisting, Faraday Future plans to request a hearing before the latest date (May 1, 2024) to appeal the delisting decision. During this period, the company's shares will continue to trade on the Nasdaq Capital Market. If Faraday Future fails to appeal in time, its shares will be suspended from trading on May 3, 2024, and may eventually lose its listing and registration qualifications on Nasdaq. This series of events has cast a shadow on Faraday Future's future development.

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