LOS ANGELES–(BUSINESS WIRE)–March 15, 2022–
Faraday Future Intelligent Electric Inc. (“FF” or the “Company”) (NASDAQ: FFIE), a California-based global shared intelligent electric mobility ecosystem company, today announced that the Nasdaq Stock Market LLC (“Nasdaq” ) accepted the company’s plan to restore compliance with Nasdaq listing rule 5250(c)(1), which allows FF’s common stock and warrants to continue listing on the Nasdaq Global Select Market. The Nasdaq has granted the Company an extension until May 6, 2022 to file its quarterly report on Form 10-Q for the quarter ended September 30, 2021 (the “Third Quarter Form 10-Q”). The extension also covers the company’s annual report on Form 10-K for the fiscal year ended December 31, 2021 (the “Form 10-K”).
As previously reported, the Company received a letter from the Nasdaq Listing Qualifications Department on November 17, 2021 stating that the Company was not in compliance with Nasdaq Listing Rule 5250(c)(1) because it failed to timely file its Q3 Form 10-Q with the United States Securities and Exchange Commission (the “SEC”). The delay in filing Form Q3 10-Q was due to the previously announced investigation into alleged misstatements by a special committee of independent directors of FF (the “Special Committee”). On February 1, 2022, the Company announced the completion of the Special Committee’s investigation. Since then, the company has continued to implement the corrective actions approved by the Special Committee and to undertake additional investigative and remedial work based on the results of the Special Committee’s investigation under the direction of the Executive Chairman and by reporting to the audit committee of the FF. board of directors, in each case as described in the company’s current report on Form 8-K filed with the SEC on February 1, 2022.
FF remains committed to continuing to work diligently to finalize and file the third quarter Form 10-Q and other filings and restore financial reporting in a timely manner as soon as possible. The Company currently expects to file Q3 Form 10-Q and Form 10-K by the May 6, 2022 deadline.
Users can now reserve an FF 91 Futurist model via the FF smart app or FF.com at: https://www.ff.com/us/reserve.
Download the new FF Smart App at: https://apps.apple.com/us/app/id1454187098 or https://play.google.com/store/apps/details?id=com.faradayfuture.online.
ABOUT FARADAY FUTURE
Faraday Future is a class-defining luxury electric vehicle company. The company has launched many innovations regarding its products, technology, business model and user ecosystem since its inception in 2014. Faraday Future aims to continuously improve the way people move by creating a mobility ecosystem before -thinking that integrates clean energy, AI, the Internet and new models of use. Faraday Future’s first flagship is the FF 91 Futurist.
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NO OFFER OR SOLICITATION
This communication will not constitute an offer to sell or the solicitation of an offer to buy securities, and there will be no sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such jurisdiction.
This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “believe”, ” expects”, “expects”, “anticipates”, “expects”, “plans”, “intends”, “believes”, “seeks”, “may”, “will”, “should”, “future”, “proposes” and variations of these words or similar expressions (or negative versions of these words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of FF, which could lead to actual results or results. differ materially from those discussed in the forward-looking statements.
Important factors, among others, that may affect actual results or results include implementation of Special Committee actions and related internal review by FF; FF’s ability to file Form Q3 Form 10-Q and Form 10-K by May 6, 2022 and its ability to regain compliance with Nasdaq continuous listing standards; FF’s ability to execute its vehicle development and commercialization plans and the timing of such development programs; FF’s estimates of the size of the markets for its vehicles and the costs of bringing its vehicles to market; the rate and degree of market acceptance of FF vehicles; the success of other competing manufacturers; the performance and safety of FF vehicles; potential litigation involving FF; the outcome of future funding efforts and general economic and market conditions affecting demand for FF’s products; and FF’s ability to attract and retain employees. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the Preliminary Registration Statement on Form S-1 recently filed by FF and other time FF filings. another with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to place undue reliance on any forward-looking statements, and FF undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except if required by law.
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CONTACT: For the future of Faraday
Investors: [email protected] Schilling
Media: [email protected] Gilman
Media: [email protected]
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: AUTOMOTIVE ENGINEERING AUTOMOTIVE MANUFACTURING MANUFACTURING PERFORMANCE AND SPECIAL INTEREST VEHICLES/ALTERNATIVE FUELS
SOURCE: Faraday Future Intelligent Electric Inc.
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PUBLISHED: 03/15/2022 19:27 / DISK: 03/15/2022 19:27