Faraday Future is delisted, who will save this 'tech giant'?

Faraday Future issued an announcement on April 7. They received a notice from Nasdaq on December 28 that they may be delisted or do not comply with continued listing rules. According to a notice from the exchange, Faraday Future shares have been trading below $1 from November 9 to December 27, violating Nasdaq’s listing rules. Currently, Faraday Future’s share price is only US$0.23, and its market value is only US$29 million.

According to Nasdaq’s listing rules, Faraday Future needs to restore its stock price to above $1 within less than 180 days, that is, before June 25, 2024, and maintain it for at least 10 days. If the target is not met by the expiration date, the company's shares will face the risk of being delisted. According to the editor's understanding, if the company is delisted, the company can appeal to the Nasdaq Listing Qualification Review Group, during which the company's shares will continue to be listed for review, and the company's shares will continue to be listed during the period.

The company received a warning letter requiring the company to comply with relevant regulations. As early as November 17, 2021, the company received a letter warning from the Nasdaq listing qualification department for failing to submit financial reports in a timely manner. The warning letter requires the company to submit financial reports within a specified time and ensure compliance with relevant regulations in the future.

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