Faraday Future Receives Delisting Warning from Nasdaq, Asked to Submit Compliance Plan within 60 Days
Faraday Future (FF) said on Tuesday that it had received a delisting warning letter from The Nasdaq Stock Exchange dated November 17. According to the letter, FF failed to submit its third quarter financial report within the prescribed time limit and was subsequently listed as a non-compliant listed company.
The Nasdaq letter advised the EV company that it has 60 calendar days to submit a plan to regain compliance with Nasdaq Listing Rules, and that the Nasdaq staff can grant the company an exception, up to 180 calendar days from the due date of the Q3 report, to regain compliance.
FF said that two days before receiving the warning letter, the company had submitted a document to the Securities and Exchange Commission on why it delayed the release of financial report. According to the document, FF is investigating “allegations of inaccurate disclosures” by J Capital Research. As for when the investigation will end, FF itself cannot be sure.
SEE ALSO: Faraday Future Delays Q3 Earnings Filing While Investigating Claims of Inaccurate Disclosures
Earlier, it was reported that FF91 will be mass-produced and launched in 2022. There are also many rumors about FF’s site selection and factory construction in China circulating on the Internet, but there has been no official response.