Jia Yueting's Faraday will be removed from NASDAQ in the future: an appeal will be filed
[CNMO Technology News] Recently, CNMO noticed that Faraday Future (FF), an electric vehicle manufacturer, received a delisting notice from the NASDAQ Stock Exchange and failed to meet the requirements of the NASDAQ listing rules due to its share price and financial report submission. According to the announcement of NASDAQ Exchange on April 24, Faraday's future share price has been lower than $0.10 in the past ten trading days, which violates Article 5810 of the NASDAQ listing rules and faces the fate of being removed from the NASDAQ capital market.
Prior to this, NASDAQ had notified Faraday Future on December 28, 2023 that its share price was less than $1 per share for 30 consecutive trading days, which violated Article 5550 of the Listing Rules and required the company to resume compliance before June 25, 2024. However, the problem has not been solved. On April 18 this year, NASDAQ pointed out again that Faraday had failed to submit the 10-K annual report as of December 31, 2023 in the future, which violated Article 5250 of the Listing Rules. Faraday is allowed to submit the rectification plan related to 5250 (c) (1) within 60 days in the future. Meanwhile, Faraday will be included in the list of non compliant companies of NASDAQ within five working days from April 18, 2024.
Faced with the pressure of delisting, Faraday said in the future that it would request a hearing before the latest allowed date (May 1, 2024) to appeal the delisting decision. During this period, the company's securities will continue to be listed on the NASDAQ capital market. If it fails to appeal in time, Faraday will suspend trading on May 3, 2024 in the future, and may lose its listing and registration qualification in NASDAQ.
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(This article is from Mobile China)
