On May 7, Jia Yueting posted a video on social platforms, not only responding positively to the rumors of Faraday Future's ("FF") delisting, but also proposing a series of self-help decisions, including the upcoming commercialization of his personal IP.
Image source: Screenshot of Jia Yueting's Weibo
Jia Yueting said bluntly in the video, "Faraday Future received a delisting opinion letter from Nasdaq last week, and the company is facing a very large risk of delisting, but it is not as misinterpreted by some media that it has been delisted. He stressed that he and the management will do everything in their power to restore compliance and strive to maintain FF's listing status. FF has filed an appeal on May 1 to maintain its listing status through rectification compliance.
Looking back on the development process of FF after its listing, Jia Yueting believes that the direct cause of the above crisis in FF is financial problems, and the fundamental cause is confidence and trust.
In order to save FF's delisting crisis, Jia Yueting said that he will serve as co-CEO with Faraday Future CEO Matthias to share responsibilities, and at the same time, he will work with the company's management team to take all possible measures to strive to keep the company listed in compliance and accelerate the financing process.
In addition, it is worth mentioning that Jia Yueting also made a decision to start the commercialization of personal IP, try to make some money as soon as possible, part of the debt repayment, part of the company, to subsidize the construction of cars, and strive to support the basic operation of FF.
Jia Yueting emphasized that if FF is really delisted, it will be a great loss for the auto industry in China, the United States and even the world. He proposed that the plan will open up the complete technology chain and value chain accumulated in the past ten years to the whole industry, including products, technologies, compliance, and user ecological construction, which are fully adapted to the ecology of the U.S. automotive industry and are very leading.
After the release of this video, many netizens thought that Jia Yueting might be about to start "live broadcasting", imitating Gaohe Automobile's previous practice. At present, Jia Yueting has more than 15 million Weibo fans and more than 1.42 million Douyin fans.
Image credit: Faraday Future
On April 30, Faraday Future announced that it had received a letter from the Nasdaq exchange on April 24 that it would be delisted from the Nasdaq because the closing price of FF shares was below $0.1 for ten consecutive trading days, which did not comply with the Nasdaq listing rules.
As a smart electric car brand that was once considered to have a first-mover advantage, Ferrari has been making slow progress in the past decade. It is understood that its first production car FF 91 began to be delivered in May last year, with a price of 309,000 US dollars (about 2.195 million yuan), and a total of about 11 units were delivered.
After the release of the video, Faraday Future (FFIE. US) U.S. stocks rose more than 12% in pre-market trading, and then narrowed their gains. As of the close of trading on May 6, Eastern time, FF was quoted at $0.041, with a total market value of $1.7624 million (about RMB 12.72 million), a decrease of nearly 99.96% from the high point at the time of listing.
Image source: Baidu Stock Exchange