Faraday Future, a California-based global shared intelligent electric mobility ecosystem company, today announced that the Nasdaq Stock Market has accepted the Company’s plan to regain compliance with Nasdaq Listing Rule 5250(c)(1), which permits the continued listing of FF common stock and warrants on the Nasdaq Global Select Market. On February 23rd, the company unveiled the first production-intent FF 91 ultra-luxury EV remaining remains on schedule for the FF 91 start of production in Q3 2022.
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 “Q3 Form 10-Q”). The extension also covers the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 (the “Form 10-K”).
Last November, the Company received a letter from the Listing Qualifications Department of Nasdaq stating that it was not in compliance with Nasdaq Listing Rule 5250(c)(1) because it had not timely filed its Q3 Form 10-Q with the U.S. Securities and Exchange Commission (the “SEC”). The delay in filing the Q3 Form 10-Q was due to the previously announced investigation into allegations of inaccurate disclosures by a special committee of independent FF directors (the “Special Committee”).
On February 1, 2022, the Company announced the completion of the Special Committee investigation. Since then, FF has been continuing to implement the remedial actions approved by the Special Committee and undertaking additional investigative and remedial work based on the results of the Special Committee investigation under the direction of the Executive Chairperson and 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 continue working diligently to finalize and file the Q3 Form 10-Q and other filings and re-establish timely financial reporting as soon as possible. The Company currently expects to file the Q3 Form 10-Q and Form 10-K on or prior to the May 6, 2022 deadline.