Friday, April 8, 2022

Faraday Future Gets Another Nasdaq Delisting Warning

Los Angeles-based electric vehicle developer Faraday Future said Thursday evening that it has received a letter from the Nasdaq Stock Market, informing the company that it does not comply with Nasdaq Listing Rule 5250(c)(1) for continued listing. The ruling comes as a result of failure to file Faraday Future's Form 10-K for the fiscal year ended December 31, 2021. Faraday Future had said on March 31st that it was "unable to file its Form 10-K within the prescribed time period" and also that it "needed additional time to complete the additional investigative work and remedial work as recommended by a special committee of independent Company directors". The Nasdaq had previously informed Faraday Future that if it fails to file its Q3 Form 10-Q and Form 10-K on May 6th, it will be delisted; the new action by the Nasdaq requires Faraday Future to update its plan to regain compliance by April 19th, according to the company. The delisting woes at the Nasdaq come less than a year after Faraday Future went public via a SPAC transaction, which was in July of 2021.