Tiger'sRichesRoar| Faraday's future response after being removed from NASDAQ: Will appeal

Faraday Future (FFIETiger'sRichesRoarUs) announced receipt of the NASDAQ Stock ExchangeTiger'sRichesRoarThe letter, because the company does not comply with the Nasdaq listing rules, will be removed from the NASDAQ. Faraday Future said the company plans to request a hearing to appeal the de-listing decision by May 1, 2024, during which the company's securities will continue to be listed on the Nasdaq capital market.

In a letter sent on April 24, the Nasdaq Stock Exchange said Faraday would not comply with Rule 5810 of the Nasdaq listing rules in the future because the company's securities closed at $0.10 or less for 10 consecutive trading days. As a result, Nasdaq staff decided to remove the company's securities from the Nasdaq capital market.

The delisting warning is not surprising. Nasdaq informed Faraday Future on December 28, 2023 that it failed to meet the listing requirement of a minimum closing price of $1. Faraday will be required to return to the rule within 180 calendar days (that is, before June 25, 2024).

In addition, NASDAQ notified Faraday Future on April 18, 2024 that the company did not comply with Nasdaq listing rules due to the company's delay in submitting its annual report on 10murk for the fiscal year ended December 31, 2023.

If Faraday fails to appeal the delisting decision before May 1, 2024, trading in the company's common shares will be suspended when the market opens on May 3, 2024 and form 25-NSE will be filed with the Securities and Exchange Commission, which will deregulate Faraday's future listing and registration on the Nasdaq stock market.

Faraday said in the future that the company was considering all possible options to re-comply with the rules, including the submission of the 2023 10murk annual report and the 10murQ quarterly report as of March 31, 2024, and sought shareholder approval for a reverse share split.