I’m all in myself, Jia Yueting: Faraday Future’s request to continue listing was approved

According to news on June 28, Faraday Future (FF) received major benefits today. The company’s founder and chief product and user ecosystem officer Jia Yueting announced that FF has successfully obtained approval for continued listing on Nasdaq. However, this approval is not unconditional. Nasdaq requires FF to submit regular financial reports on time by July 31, 2024, and meet the minimum bid standards by August 31, 2024. In order to meet these requirements of Nasdaq, FF is taking various specific measures in full swing. The company said it will complete and submit the required financial reports as soon as possible to meet Nasdaq's compliance requirements in a timely manner. At the same time, FF also plans to promptly update shareholders on all major developments related to Nasdaq listing compliance to ensure information transparency.

According to the editor’s understanding, Jia Yueting said on his personal Weibo:

“Since the founding of FF, I have been all in myself. I am highly consistent emotionally and in interests with all shareholders, and I hope FF most. Become a member of a great company.”

In addition, Jia Yueting also revealed that several Chinese OEMs are currently negotiating with FF. He believes that if FF can seize the current blue ocean opportunity in the US AI EV market and launch highly cost-effective products, then the company may lead and subvert the entire automotive industry like LeTV Super TV did back then.

Initiatives to regain full compliance with Nasdaq

In order to regain full compliance with Nasdaq, FF has recently implemented a series of initiatives:

1. Submitted 2023 by the end of May financial report (Form 10-K)
2. Hire a new independent auditor
3. Submit a preliminary proxy statement containing a reverse stock split proposal

At the same time, the company also promised to submit the first quarter 10-K by the end of July Q financial report to show its financial status and operating results. These measures fully demonstrate FF's determination and efforts to regain Nasdaq compliance.

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