Faraday Future Intelligent Electric (FFIE) Gets A Letter From The Nasdaq: Its Stock Is Dropping

Faraday Future Intelligent Electric, a seven-year-old company that designs and manufactures electric vehicles and artificial intelligence products in the United States, is valued at $ 2.131 billion. Each share is worth $ 6.49, which is 29% less than the price a week ago. From late October to mid-November, the worth held firmly between $ 8.09 and $ 9.12. Today, before the official opening of the market, it dipped 9.7% to $ 5.93. At the moment, this figure is fixed as the lowest price ever. Faraday Future hasn’t provided a timely report for the third quarter, Form 10-Q, as the company’s board of directors convened a special committee to investigate the allegations. In this regard, Form 12b-25 was filed with the SEC to avoid various fines.

Recently, Faraday Future Intelligent Electric received a letter from The Nasdaq Stock Market, which mentions the company in non-compliance with Nasdaq rule 5250 (c) (1) due to failure to provide a quarterly report, namely for the 3rd quarter. However, the stock exchange allowed the recovery plan to be submitted within 60 days, in addition, it can make an exception and extend up to 180 calendar days. The electric car manufacturer is committed to submitting this plan in time. But it cannot avoid being included in the list of non-abiding exchange rules. However, the company is struggling to find a way to file its Q3 report.