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2024-09-08 Update From: AutoBeta autobeta NAV: AutoBeta > News >
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AutoBeta(AutoBeta.net)11/29 Report--
On November 29th, Faraday Future (Faraday Future) issued a clarification on whether Faraday Future's receipt of the Nasdaq warning letter meant that NASDAQ asked FFIE to delist, which was a misinterpretation. FF hereby clarifies that the Nasdaq warning letter is only related to the delay in the submission of Q3 financial statements by FF, which is a normal procedure. Within 60 days of receipt of the Nasdaq warning letter, FF will submit a compliance plan to Nasdaq, which will help FF obtain a grace period of up to 180 days from the initial deadline for submission of 10FQ to submit 10FQ or any other non-compliance documents.
FF said that once FF submitted its compliance plan to Nasdaq within the time specified in the plan, FF would return to its normal state under Nasdaq rules. The clarification pointed out that FF is maintaining close contact with NASDAQ and is confident that it will return to normal status in the near future. As long as the company returns to normal SEC documents and submits them on time, there will be no real risk of stock delisting. FF pointed out that some social accounts and self-media articles have made obvious misinterpretations of this, and FF is working hard to submit Q310MurQ as soon as possible, which is expected to return to normal under Nasdaq rules soon, and expects mass production and high-quality delivery of FF 91 as scheduled in July 2022.
According to previous media reports, Faraday Future, the US electric car maker, received a letter from Nasdaq reminding it that Faraday needs to submit the report within 60 natural days because it failed to submit its third-quarter results on time. According to Nasdaq rules, if Faraday fails to submit the relevant report within the prescribed time limit in the future, then Faraday may be delisted in the future. Affected by the news, Faraday's share price fell in the future, closing at $6.17 per share in the last trading day, with a latest market capitalization of $2.001 billion.
According to Faraday's future insiders, the failure to submit financial statements on time was due to inaccurate allegations from US short sellers. To this end, FF has also set up a special committee of independent directors to investigate inaccurate allegations of disclosure by short sellers. FF will not be able to submit financial statements until the end of the investigation, and FF is not sure when they will be submitted, but it is said that they will be submitted on schedule.
On October 7, US time, the US short seller J Capital Research released a 28-page short selling report on FF. The report expressed its doubts about FF from the perspectives of FF's production capacity, capital operation performance, R & D investment and Jia Yueting's own punishment in China. The sources included field research visits, company financial report data and public information. Questioned FFIE's car-building ability from all aspects, and listed a series of 10 items, including misappropriation of public funds, factory delays, false orders and so on, and said bluntly that "I don't think FF can sell a car."
On the short-selling 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. In addition, according to Faraday's future response to the media, the short selling report is "full of misleading information, illogical and unfounded". Faraday also said in the future that he was disappointed and condemned the irresponsible actions of the agency, and would reserve the right of legal prosecution for such false allegations.
Data show that Faraday will be officially listed on NASDAQ on July 22 under the symbol FFIE, with an offering price of $13.78. it rose more than 40% on the first day of trading, but fell below the offering price at one point, and finally closed up 1.45%, closing at $13.98, with a total market capitalization of $4.535 billion. However, the closing price of $13.98 could be the peak of FF's share price, and FF's share price has been broken since its listing. As of the last trading day, FF's current share price is $6.17, with a total market capitalization of $2.001 billion, halving its share price.
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