Faraday Future Intelligent Electric Inc (FFIE) Granted 15-Day Filing Extension by Nasdaq

January 18, 2022 5:20 AM EST
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Faraday Future Intelligent Electric Inc. (NASDAQ: FFIE), a California-based global shared intelligent electric mobility ecosystem company, has requested and received a 15-day extension to file its compliance plan with NASDAQ. The Company now has until February 1, 2022 to file its compliance plan.

On November 17, 2021, Faraday Future received a notification from NASDAQ, as anticipated, notifying the Company that the delay in the filing of its third quarter 2021 Form 10-Q caused the Company to be out of compliance with NASDAQ listing requirements. NASDAQ advised that the Company would be permitted 60 calendar days to submit a compliance plan with NASDAQ under Listing Rule 5250(c)(1), and that the NASDAQ staff could, at its discretion, grant an exception up to 180 days from the due date of the Q3 Form 10-Q (May 16, 2022), to regain compliance.

The Company previously filed a Form 12b-25 with the Securities and Exchange Commission on November 15, 2021 disclosing that the filing of its third quarter 2021 10-Q would be delayed as a result of an internal review. The Company’s board of directors formed a special committee of independent directors (the “Special Committee”) to investigate allegations of inaccurate disclosures, including claims contained in a report issued by an investor with a history of seeking to drive down public companies’ stock prices for its own benefit. The Special Committee has engaged outside counsel to conduct an independent review of such allegations. The review is ongoing, and the Special Committee continues to work diligently with outside counsel and advisors to complete the review as soon as possible.

Faraday Future is working diligently toward the goal of being in a position to file the Q3 Form 10-Q, as well as its Form 8-K with the Company’s third quarter 2021 earnings release and its amended Registration Statement on Form S-1 as soon as possible following the conclusion of the Special Committee investigation. Upon the Company’s filing of its Q3 Form 10-Q, the Company will again become compliant with NASDAQ Listing Rule 5250(c)(1) if NASDAQ approves the Company’s compliance plan.

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