Faraday Future Intelligent Electric Inc. – NASDAQ Grants 15-Day Filing Extension | News
GARDENA, Calif.–(BUSINESS WIRE)–January 16, 2022–
Faraday Future Intelligent Electric Inc. (“Faraday Future” or the “Company”) (NASDAQ: FFIE), a California-based shared intelligent electric mobility global ecosystem company, has requested and received a 15-day extension to file its compliance plan with NASDAQ. The Company now has until February 1, 2022 to file its compliance plan.
On November 17, 2021, Faraday Future received a notification from NASDAQ, as expected, advising the Company that the delay in filing its third quarter 2021 Form 10-Q resulted in the Company’s non-compliance with the requirements of listing on NASDAQ. NASDAQ has indicated that the company will have 60 calendar days to submit a compliance plan to NASDAQ under listing rule 5250(c)(1), and that NASDAQ staff may, at its discretion, grant exception up to 180 days from the due date. third quarter Form 10-Q date (May 16, 2022), to regain compliance.
The company previously filed a Form 12b-25 with the Securities and Exchange Commission on November 15, 2021, indicating that the filing of its third quarter 2021 10-Q would be delayed following an internal review. The Company’s Board of Directors has formed a special committee of independent directors (the “Special Committee”) to investigate allegations of misstatements, including allegations contained in a report issued by an investor experienced in seeking to depress the stock prices of public companies for its own benefit. The Special Committee has engaged outside counsel to conduct an independent review of these allegations. The review is ongoing and the Special Committee continues to work diligently with outside counsel and advisors to complete the review as soon as possible.
Faraday Future is working diligently to be able to file its third quarter Form 10-Q, as well as its Form 8-K with the company’s third quarter 2021 earnings release and amended registration statement on Form S. -1 as soon as possible. as possible after the conclusion of the Special Committee’s investigation. Upon the Company’s filing of its Q3 Form 10-Q, the Company will return to compliance with NASDAQ Listing Rule 5250(c)(1) if NASDAQ approves the Company’s compliance plan.
ABOUT FARADAY FUTURE
Founded in May 2014, Faraday Future is a global shared smart mobility ecosystem company, headquartered in Los Angeles, California. Since its inception, Faraday Future has implemented many innovations in its products, technology, business model, profit model, user ecosystem and governance structure. On July 22, 2021, Faraday Future listed on NASDAQ under the new company name “Faraday Future Intelligent Electric Inc.”, and the symbols “FFIE” for its Class A common stock and “FFIEW” for its warrants. The “I” in FFIE stands for Smart and Internet and the “E” stands for Ecosystem and Electric. FF is not only an electric vehicle company, but also an internet and technology company, an AI product company, a software company and a user ecosystem company. Faraday Future aims to continuously improve the way people move by creating a forward-thinking mobility ecosystem that integrates clean energy, AI, the internet and new usage patterns. With the ultimate positioning of the smart tech luxury brand, Faraday Future’s first flagship, the FF 91 Futurist, boasts exceptional product power. It is not only a high-performance electric vehicle, a multi-purpose car and an ultimate robotic vehicle, but also the third Internet living space.
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NO OFFER OR SOLICITATION
This communication will not constitute an offer to sell or the solicitation of an offer to buy securities, and there will be no sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such jurisdiction.
This press release contains “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 “believe”, “projected “, “expects”, “anticipates”, “plans”, “plans”, “intends”, “believes”, “seeks”, “may”, “will”, “should”, ” future”, “proposes” and variations of these words or similar expressions (or negative versions of these words or expressions) are intended to identify forward-looking statements. These forward-looking statements 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 beyond the control of FF, which could lead to actual results or results. differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or results include FF’s ability to execute its plans to develop and commercialize its vehicles and the timing of such development programs; FF’s estimates of the size of markets for its vehicles and the cost of bringing such vehicles to market; the rate and degree of market acceptance of FF vehicles; the success of other competing manufacturers; the performance and safety of FF vehicles; potential litigation involving FF and the outcome of the FF Special Committee’s investigation; and the outcome of future funding efforts and general economic and market conditions affecting demand for FF’s products. 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 Preliminary Registration Statement on Form S-1 and Form 12b-25 recently filed by FF and others. documents filed by FF 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 place undue reliance on any forward-looking statements, and FF undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except if required by law.
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KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA
KEYWORD INDUSTRY: LUXURY TECHNOLOGY AUTOMOTIVE TRANSPORT AUTOMOTIVE TRAVEL GENERAL ALTERNATIVE VEHICLES/FUELS ALTERNATIVE ENERGY ENGINEERING ENERGY AUTOMOTIVE MANUFACTURING SOFTWARE MANUFACTURING HARDWARE DISTRIBUTION INTERNET PERFORMANCE AND SPECIAL INTERESTS
SOURCE: Faraday Future Intelligent Electric Inc.
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PUBLISHED: 01/16/2022 7:30 PM / DISK: 01/16/2022 7:32 PM