AutoBeta(AutoBeta.net)11/25 Report--

On Nov. 24, Faraday Future (Faraday Future) said it had received a letter from Nasdaq that the company did not comply with Nasdaq listing rules. As of Nov. 24, Faraday Future fell 9.59% to $5.94 as of Nov. 24. The reason why Faraday is accused of not complying with the Nasdaq listing rules in the future is that Faraday delayed the submission of its third-quarter financial results in the future. NASDAQ pointed out in the letter that Faraday is advised to submit its quarterly report ending September 30, 2021 within 60 days. Abide by the Nasdaq listing rules, no more than 180 days at the latest. In addition, NASDAQ notified Faraday's future that it would be listed as a non-compliant Nasdaq listed company within five working days from November 17, 2021.

Faraday said in the future that he will promptly submit a plan to restore compliance to the Nasdaq listing qualification department, during which time, and during the extension period that may be granted by the Nasdaq listing qualification, Faraday's future securities will continue to be listed on the Nasdaq, and the company will once again abide by the Nasdaq market rules after submitting its third-quarter results.

On November 15, Faraday's future report to the Securities and Exchange Commission shows that Faraday is not expected to file its financial report for the third quarter of this year on time because the company is investigating allegations of financial fraud, but FF expects Faraday's net loss for the next three quarters to increase to about $280 million. Faraday in the future stressed that the company plans to start delivering FF91 cars in July next year.

On July 22nd, Faraday Future FF landed on NASDAQ as SPAC under the ticker symbol "FFIE". FF is listed in SPAC, and the full name of SPAC is Special Purpose Acquisition Company, which is a way of "backdoor listing" in the US stock market.

It is understood that in contact with the blank check company Property Solutions Acquisition Corp. When the merger is completed, Faraday will receive at least about $1 billion in future funding, and for Faraday's future, the listing will bring sufficient cash flow for Faraday's future. On the day of listing, Jia Yueting said: "FF listing is a new starting point, solved the biggest funding problem, and then go all out to achieve 12 months of mass production." With regard to the debt problem that the public is most concerned about, Jia Yueting responded, "I will solve it completely."

But Faraday was shorted in the future soon after the listing. In early October this year, J Capital Research Mechkin Investment, an American short seller, released a short report on FF. The agency pointed out that Faraday's future fabricated car bookings did not have the strength to sell cars, and through on-site visits and research, analysis of the company's financial report data and technical capabilities, combined with the operation of a series of capital after listing. It is pointed out that Faraday is unlikely to sell a car in the future. In response to the short selling agency's report, Jia Yueting, founder of FF, said on moments that the short selling agency's remarks were hot speculation and nonsense, and that it was not the first time that J Capital Research had been hit in the face. People related to the FF also said that the content of the report is seriously untrue, is nonsense, full of misleading information, lack of logic and no factual basis. FF expressed disappointment and condemnation of the agency's irresponsible actions and reserved the right of legal prosecution for such false allegations.

Faraday Future says it is investigating allegations of financial fraud made by short seller J Capital.

In addition, it was revealed a week ago that Faraday's future domestic production base was planned to be located in Shanxi. According to the news: French Automobile (China) Co., Ltd. and the management committee of Shanxi Changzhi High-tech Zone held an online meeting on Faraday's future domestic production base, which may be located in Changzhi, Shanxi Province. Faraday will not comment on this news in the future.

According to the data, Faraday Future was founded by Jia Yueting in May 2014. when FF is still not mass produced so far, according to FF's prospectus, FF's operating losses in 2019 and 2020 were $110 million and $64.94 million, respectively, and net losses were $142 million and $147 million, respectively. At present, Faraday has planned three models in the future, including the most high-end FF91 model, the high-end mass market FF81 model and the mass market FF71 model, among which the FF91, the first mass production car of FF, is scheduled to be delivered in July next year, and the other two models, the FF81 and FF71, are expected to achieve mass production by the end of 2023 and 2024, respectively.

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