Faraday Future in hot water with Nasdaq for not filing financial report on time

The electric vehicle manufacturer continues to see its issues with Nasdaq pile up.

Faraday Future has received a letter from the Nasdaq Stock Market stating that it is not in compliance with standard procedures due to the delayed filing of a financial report. 

Faraday Future, the luxury electric vehicle manufacturer, has a manufacturing plant in Hanford. 


The big picture: Nasdaq informed Faraday Future that the company’s failure to file its annual report on Form 10-K puts it at risk of being delisted from the market. 

  • Form 10-K., required by the U.S. Securities and Exchange Commission (SEC), provides a comprehensive summary of a company’s financial performance. 
  • Faraday Future had previously filed Form 12b-25 with the SEC on April 2 and disclosed that it was unable to file Form 10-K on time without unreasonable effort or expense. 
  • The company plans to file the report by the end of April but cannot predict with certainty when the preparation and filing of the form will be completed. 

The backstory: Along with its delay in filing the annual financial report, Faraday Future still faces uncertainty with its listing on Nasdaq because of its low stock price. 

  • Late last year Nasdaq sent a notice to Faraday Future informing the company that it needs a minimum closing share price of $1 required to maintain its listing. 
  • Faraday Future underwent a reverse stock split in February to reduce shares from nearly $1.4 billion to over $463 million in an attempt to boost its stock price. 
  • The company’s stock price hovered around $0.05 to $0.06 on Monday morning. 
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