IT House March 16 news, Faraday Future, founded in 2014, is an American start-up technology company focused on the development of smart electric vehicles, headquartered in Gardina, California.
On July 21 last year, Faraday Future was successfully backdoor listed on the NASDAQ in the United States and renamed Faraday Future Intelligent Electric, with the listing code FFIE.
Faraday Future has now received a letter from NASDAQ Listing Eligibility, authorizing the company to re-comply with the NASDAQ Listing Rules, and the company must submit the 10-Q statement and other necessary documents (10-K) for the period of 30 September 2022 by 6 May 2022, which will result in the delisting of the company.
As of this writing, Faraday Future is up about 1.51% today, with a market capitalization of about $1.310 billion. Today, the company issued a press release announcing receipt of a letter from NASDAQ granting the company to re-comply with the NASDAQ Listing Rules.
On March 9, 2022, Faraday Future received a letter from NASDAQ's Listing Eligibility Department informing the Company that, pursuant to a previously disclosed compliance program filed by the Company on February 1, 2022, and subsequent supplementary communications, NASDAQ has granted an exception to enable the Company to re-comply with NASDAQ Listing Rule 5250(c)(1).
Subject to the exception, the Company must submit its quarterly report on September 30, 2021 ("Form 10-Q") and any other required documents (including the Company's annual report on Form 10-K) as of December 31, 2021 ("Form 10-K") in the Quarterly Form 10-K or prior to May 6, 2022.
NASDAQ has notified the Company that failure to file form 10-Q Q3 and Form 10-K on or before May 6, 2022 will result in the Company's delisting from the securities market. The company currently expects to file or precede the May 6, 2022 deadline for filing Form 10-Q Q3 and Form 10-K.