On April 30, Faraday announced that it had received a letter from the Nasdaq Stock Exchange that it would be removed from the NASDAQ because it did not comply with the NASDAQ listing rules.
On April 24, 2024, the Nasdaq Stock Exchange pointed out that Faraday Future did not comply with the Nasdaq listing rules because the company’s securities closed at $0.
10 or less for ten consecutive trading days.
As a result, Nasdaq staff decided to remove the company’s securities from the Nasdaq capital market.
Faraday Future said that the company intends to request a hearing before May 1, 2024, the latest allowed date, to appeal the de-listing decision, during which the company’s securities will continue to be listed on the Nasdaq capital market.
If the company fails to appeal the delisting decision before May 1, 2024, trading will be suspended at the opening of the market on May 3, 2024 and 25-NSE will be filed with the Securities and Exchange Commission, which will disqualify Faraday from future listing and registration on the Nasdaq stock market.
On April 29th, its U. S. shares closed at just $0.
047, with a total market capitalization of $1.
784 million.
, the delisting warning is not sudden.
Faraday received a rectification notice from NASDAQ at the end of last year.
According to future documents released by Faraday, in December last year, because its stock closed below $1.
00 per share for 30 consecutive trading days, violating rule 5550 (a) (2) of the Nasdaq listing rules, it was notified by Nasdaq to re-abide by the rule before June 25 this year.
Then, on April 18, NASDAQ again informed Faraday of the future, requiring it to submit a compliant rectification plan within 60 days as it had not yet submitted its annual report on 10murk as of December 31, 2023.
At the same time, Faraday will be added to the list of Nasdaq non-compliant companies within five working days from now.
Faraday will reply in the future and will submit a re-compliance plan to the Nasdaq listing qualification department in time.
Faraday said in the future that the company intends to request a hearing to appeal against the delisting decision by May 1, 2024, the latest allowed date.
This will delay Faraday’s future suspension by 15 days from the date of the request, while the company’s securities will continue to be listed on the Nasdaq capital market during this period.
If Faraday fails to appeal during this period, it will face a suspension of trading and cancellation of its listing and registration on NASDAQ on the day the market opens on May 3.
, in the ten years since the announcement, Faraday has delivered a total of 10 cars in the future.
Some time ago, this data was also exposed by its employees to have the possibility of fraud.
Its financial position is also in crisis, with only $6.
714 million in disposable cash on its books, compared with $16.
968 million in the same period last year, according to the company’s third-quarter 2023 results.
Not only that, it was revealed earlier this month that the landlord was in arrears with the rent.
It is worth noting that at the same time Faraday has made new progress in its future cooperation plan with the Abu Dhabi Investment Office in the Middle East.
On April 9th it announced that it had set up a sales company in Dubai to deliver a limited-edition FF91 (parameter | inquiry) model planned for this year.
It is unclear whether Faraday’s future plan can be realized from the United States to the Middle East market, and dealing with delisting warnings is its most urgent problem at present.
(information from: interface.
Compiler / Automobile House Wang Yin), return to the first electric network home page >.
