Image Source: Visual China
BEIJING, April 8 (TMTPOST) — Electric vehicle maker Faraday Future announced on Thursday that the company received a non-compliance notice from Nasdaq on April 4, which informs the company that it does not comply with Nasdaq Listing Rule 5250(c)(1) for continued listing because of its failure to file its annual report on Form 10-K for the fiscal year ended December 31, 2021.
Faraday Future filed a Form 12b-25 Notification of Late Filing with the Securities and Exchange Commission of the United States and issued a press release announcing that the company was unable to file its Form 10-K within the prescribed time period.
Faraday Future said that it needed more time to complete the investigative work and remedial work recommended by a special committee of independent directors. Faraday Future also said that it needed more time to finalize the company’s financial statements and related disclosures for both the quarterly report on Form 10-Q for the period ended September 30, 2021 and Form 10-K.
Faraday Future said that Nasdaq has informed the company that failing to file the Q3 Form 10-Q and Form 10-K on or prior to May 6, 2022 would result in a notice of delisting of the company’s securities.
Faraday Future believes that it is entitled to appealing the decision to a Nasdaq Hearings Panel and to requesting a further stay pending the appeal. According to Faraday Future, the company is working to produce the Q3 Form 10-Q and Form 10-K. The company estimates that it will be able to submit the two forms on or prior to the May 6, 2022 deadline.
Besides the scrutiny from Nasdaq, Faraday Future was also hit by a short selling report from J Capital Research in October, 2021. J Capital Research challenged Faraday Future’s actual production capacity and financial operation, while shedding light on the company’s founder Jia Yueting’s past controversy in China.
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