Faraday Future Intelligent Electric Inc. (NASDAQ: FFIE) announced that the U.S. Securities and Exchange Commission has concluded its investigation without recommending enforcement action against the company or its executives.

The SEC formally notified the company, founder and Co-CEO YT Jia, and President Jerry Wang that it has ended the investigation and will not pursue enforcement measures against any of them. The investigation related to matters involving Faraday Future's 2021 PIPE and SPAC-related transactions.

The SEC had previously issued Wells Notices to the company and certain executives. Wells Notices are not formal charges but indicate the enforcement division's intention to recommend civil enforcement action.

"We can now put all our energy into strategy execution," said YT Jia in a statement. He noted that the company had spent significant time, effort, and money cooperating with the investigation over the past five years.

Faraday Future received a notice from Nasdaq on March 20 regarding a 180-day compliance period to meet the minimum $1 per share price requirement. The company stated it will attempt to regain compliance without implementing a reverse stock split.

The electric vehicle manufacturer began deliveries of its flagship FF 91 vehicle in 2023. The company has announced plans for a second brand called FX, with its first model, the Super One, planned for delivery in 2026.

Faraday Future also disclosed its entry into the robotics business, with sales planned to begin this year. The company is launching what it calls an "upgraded Ten-Punch Combo" strategy across four phases spanning 180 days to five years.

The information is based on a company press release statement.