Faraday Future announces Nasdaq delisting determination

Faraday Future Intelligent Electric announced that it received a letter from The Nasdaq Stock Market LLC dated April 24, 2024, indicating that the company was not in compliance with Nasdaq Listing Rule 5810(c)(3)(A)(iii), as the company’s securities had a closing bid price of $0.10 or less for ten consecutive trading days. The letter indicated that, as a result, the Nasdaq staff has determined to delist the company’s securities from The Nasdaq Capital Market. As previously reported, on December 28, 2023, Nasdaq notified the company that the bid price of its listed securities had closed at less than $1.00 per share over the previous 30 consecutive business days and, as a result, did not comply with Listing Rule 5550(a)(2). The company was provided 180 calendar days, or until June 25, 2024, to regain compliance with this rule. Additionally, on April 18, 2024, Nasdaq notified the Company that since it had not yet filed its Form 10-K for the year ended December 31, 2023, it no longer complied with Listing Rule 5250(c)(1). Pursuant to Listing Rule 5810(c)(2)(A), this deficiency is now an additional basis for delisting. The Company intends to request a hearing to appeal the Delisting Determination by May 1, 2024, the latest date permitted, which will stay the suspension of the Company’s securities for 15 days from the date of the request, during which time the Company’s securities will continue to be listed on The Nasdaq Capital Market. The Company also intends to request an extended stay of the suspension pending such hearing with Nasdaq’s Hearings Panel.