On April 30, Faraday Future announced that it had received a delisting notice from the Nasdaq Stock Market. Faraday Future stated that it would appeal the decision to avoid being delisted.
According to Faraday Future, on April 24, 2024, the company received a delisting letter from the Nasdaq Stock Market. The Nasdaq Stock Market indicated that due to Faraday Future’s securities closing at $0.10 or lower for ten consecutive trading days, it no longer met the requirements of Nasdaq Listing Rule 5810(c)(3)(A)(iii). As a result, Nasdaq staff decided to delist the company’s securities from the Nasdaq Capital Market.
Faraday Future announced its plans to request a hearing by May 1, 2024 (the latest allowable date), to appeal the delisting decision. 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 by May 1, 2024, trading will be suspended on May 3, 2024, and the company will submit a Form 25-NSE to the U.S. Securities and Exchange Commission, which will cancel Faraday Future’s listing and registration qualifications on the Nasdaq stock market.
Back in October 2023, Faraday Future also received a delisting warning due to its stock price being below $1 for 30 consecutive trading days. Additionally, the company had previously received similar warnings for reasons such as not holding an annual shareholders’ meeting within 12 months of listing and failing to submit financial reports on time.
Established in 2014, Faraday Future gained attention in 2017 when its first model, the FF 91, was unveiled at CES. However, the company later faced challenges such as financial constraints, executive turnover, supplier disputes, legal battles, and delays in factory construction. As of now, Faraday Future has only delivered 10 units of the FF 91 2.0.
In response to the situation, netizens have expressed their opinions. “和風細雨” commented, “He is not really making cars, mainly just raising money.”
“老麻的巴山夜語” also remarked, “Delisting has no impact on Mr. Jia; he cleared his debts by selling FF shares to offset them. The most pitiful are the creditors, being cheated over and over again, both domestically and internationally.”
Faraday Future officially joined the Nasdaq stock market for trading in July 2021, with an offering price of $13.78 per share. On its first trading day, the closing price was $13.98 per share, and the total market value was $4.535 billion.
As of 4:00 PM EST on April 30, Faraday Future’s stock price closed at $0.044 per share, with a total market value of $1.8819 million.