[TechWeb] according to foreign media reports, Faraday Future, an electric car company founded by Jia Yueting in May 2014, has announced on its website that it has received notice of removal from NASDAQ, and Faraday has also indicated that it intends to request a hearing to appeal against the de-listing ruling.
According to news posted on Faraday’s website in the future, the de-listing letter sent by Nasdaq was signed on April 24, 2024.
According to Faraday Future, Nasdaq said in its letter that Nasdaq staff decided to remove the company’s securities from the Nasdaq capital market because the company’s securities closed at $0.
10 or less for 10 consecutive trading days, which was no longer in compliance with Rule 5810 (c) (3) (A) (iii) of the Nasdaq listing rules.
On its website, Faraday also mentioned that Nasdaq had informed them on December 28 that the company’s securities had closed below $1 for 30 consecutive trading days, which did not comply with Rule 5550 (a) (2) of the listing rules and should be re-complied with within 180 natural days, that is, before June 25, 2024.
However, with more than two months to go, Faraday received another notice from Nasdaq on April 18 this year, informing them that they had violated Rule 5250 (c) (1) of the Nasdaq listing rules because they had not yet filed their annual report on 10murk for the year ended December 31, 2023.
Faraday, which received the NASDAQ de-listing notice, also said in the future that they intend to request a hearing to appeal the de-listing ruling before May 1, the last time to allow them to request an appeal hearing.
According to regulations, if Faraday requests to hold a hearing in the future, the company’s securities will still be listed on NASDAQ 15 trading days after the request is made, but if Faraday does not appeal against the delisting decision within the specified time in the future, trading of the company’s securities will be suspended when the market opens on May 3, 2024, and 25-NSE will be filed with the U.S. Securities and Exchange Commission.
This form will cancel Faraday’s future listing and registration on the NASDAQ stock market.
Faraday said on its website that in addition to appealing, they are also considering all other possible measures to re-comply with Nasdaq’s listing rules.
these include the submission of form 10murk for 2023, the timely submission of form 10Muq for the quarter ended March 31, and the search for shareholder approval for the stock merger.
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