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On January 10, Faraday Future announced that the company received a notice from the Nasdaq Exchange on January 4 informing it that it did not meet the requirements for continued listing because the company had not held its annual shareholders 'meeting within 12 months of the end of its fiscal year ending December 31,2021.

Faraday Future said that it would hold an annual general meeting as soon as possible and actively draft a response document to formulate a compliance plan in accordance with the requirements of the notice and Nasdaq Listing Rules. Failure to re-meet the criteria for continued listing will eventually result in Faraday Future's common stock being delisted from Nasdaq.

In fact, Faraday's future has been repeatedly warned of delisting. On October 31,2022, Faraday Future received a notice from NASDAQ stating that its shares did not meet the requirements of NASDAQ Listing Rule 5550 (A)(2), i.e., the share price must be above $1 for 30 consecutive trading days. The notice has no immediate impact on Faraday's future listing of common stock on NASDAQ, and the company has 180 days to re-comply.

Faraday's future solution to the problem was a "reverse split," which increased the net worth of a stock unit by reducing its share capital. On November 3, 2022, Faraday Future convened a special meeting of shareholders and approved a proposal that gave the company's board of directors the right to reverse stock splits on a two-for-one to ten-for-one basis. As of the previous trading day, Faraday Future shares were trading at $0.3743, with a total market capitalization of $223 million.

The twists and turns of the road to build cars directly affect Faraday's future situation in the capital market. On July 22,2021, FF was listed on NASDAQ backdoor and officially traded under the stock code "FFIE." The issue price of FFIE was US $13.78, which closed up 1.45% on the first day to close at US $13.98, with a total market value of US $4.535 billion.

On the day Faraday landed on NASDAQ in the future, founder Jia Yueting said in an interview,"Next will go all out to achieve 12 months of mass production delivery, and with FF 91 on-time mass production has great confidence." In other words, the summer of 2022 is the time node for delivery.

However, in an interview at the beginning of the year, the former global CEO Bi Fukang made clear the delivery time node: "We will deliver the first batch of FF 91 electric vehicles in the third quarter of this year." By September, FF said in an 8-K filing with the Securities and Exchange Commission that it "no longer expects to begin delivering FF 91 in the third or fourth quarter of 2022." So far, Faraday Future has been established for 8 years, FF 91 has also been released for nearly 6 years, although in the past few years, Faraday Future and Jia Yueting have been releasing news that FF 91 is about to be mass-produced, but this car is still in the PPT stage.

On December 16,2022, Faraday Future held a global investor business communication meeting. The FF91 Futurist, the first production car, is expected to start production at its FF ieFactory California manufacturing plant at the end of March 2023 and roll off the assembly line in early April, the same month as the delivery of the new car to users. However, the production of FF 91 is conditional on the timely availability of $150 million to $170 million in funding and timely shareholder approval to increase the number of authorized shares.

At CES 2023 recently, FF 91 Futurist was featured at the booth of lidar supplier Innovsion, which is equipped with Innovsion's Falcon lidar system. Faraday Future recently revealed a product upgrade program called PT Gen 2.0, which includes 26 major systems and components, including powertrain, battery, charging, chassis, interior, as well as computing, sensing, communication and user interaction.

At present, Faraday Future's official website shows that FF 91 is about to go on sale. FF 91 Futurist Edition is available for pre-order at RMB 20,000;FF 91 Futurist Alliance Edition is sold out at RMB 50,000. It should be noted that the reservation fee is refundable in full at any time.

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