On April 30th, Faraday Future announced that it had received a letter from the NASDAQ Stock Exchange indicating that it would be delisted for not complying with NASDAQ’s listing rules.
Previously, on April 24, 2024, the NASDAQ Stock Exchange pointed out that Faraday Future did not comply with the NASDAQ Listing Rule 5810 (c)(3)(A)(iii), as the company’s securities had a closing price of $0.10 or lower for ten consecutive trading days. Therefore, NASDAQ staff decided to delist the company’s securities from the NASDAQ Capital Market.
As early as December 28, 2023, NASDAQ notified Faraday Future that its stock had closed below $1.00 per share for 30 consecutive trading days, not complying with Listing Rule 5550 (a)(2). The company was required to comply with this rule again by June 25, 2024.
On April 18, 2024, NASDAQ notified Faraday Future again because the company had not yet submitted its 10-K annual report for the period ending December 31, 2023, violating NASDAQ Listing Rule 5250 (c) (1). Faraday Future was allowed to submit a compliance plan related to 5250 (c) (1) within 60 days. Meanwhile, Faraday Future would be listed on the NASDAQ Non-compliant Companies List within five business days from April 18, 2024.
Faraday Future stated that it intends to request a hearing to appeal the delisting ruling before May 1, 2024, the latest allowed date. During this period, the company’s securities will continue to be listed on the NASDAQ Capital Market. If the company fails to appeal the delisting decision before May 1, 2024, trading will be suspended at the opening of the market on May 3, 2024, and a 25-NSE form will be submitted to the U.S. Securities and Exchange Commission. This form will cancel Faraday Future’s listing and registration qualifications on the NASDAQ Stock Market.
Faraday Future’s current stock price is only $0.042 (approximately 0.3 RMB), with a total market value of $1.7837 million (note: approximately 12.914 million RMB). According to Faraday Future’s data, the company has only delivered 11 vehicles in the past decade. Jia Yueting previously stated on Weibo that he has repaid more than $10 billion in debt and is striving to return to China as soon as possible.
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