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Faraday Future Intelligent Electric Inc. (“Faraday Future” or the “Company”) (NASDAQ:Federation of Foreign Enterprises), a California-based global shared smart electric mobility ecosystem company, has requested and received a 15-day extension to submit its compliance plan to Nasdaq. Companies must now submit their compliance plans by February 1, 2022.
On November 17, 2021, Faraday Future, as expected, received a notification from Nasdaq that the company’s delay in filing its Form 10-Q for the third quarter of 2021 resulted in the company’s non-compliance with Nasdaq listing requirements. Nasdaq stated that companies will be allowed 60 calendar days to file a compliance plan with Nasdaq under Listing Rule 5250(c)(1) and that Nasdaq employees may, at their discretion, have 180 calendar days from the due date. within days of granting an exception to the date of the third quarter Form 10-Q (May 16, 2022) to regain compliance.
The company previously filed Form 12b-25 with the Securities and Exchange Commission on November 15, 2021, disclosing that its third-quarter 2021 10-Q filing will be delayed due to an internal review. The Company’s Board of Directors established a special committee of independent directors (the “Special Committee”) to investigate allegations of inaccurate disclosures, including claims contained in reports issued by investors who have tried to drive down the stock price of public companies. own interests. The Special Committee has hired outside counsel to conduct an independent review of such allegations. The review is ongoing and the Special Committee will continue to work closely with external legal counsel and advisors to complete the review as soon as possible.
Faraday Future is working toward the goal of being able to file its third-quarter Form 10-Q and its Form 8-K in the company’s third-quarter 2021 earnings release and its revised registration statement on Form S-1. .
The full story is available on Benzinga.com
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