Faraday Future Intelligent Electric (NASDAQ: FFIE) stock fell 3% in the intraday trading Tuesday after receiving a Nasdaq Non-Compliance notice for delaying its 10-K filing.
Faraday Future (NASDAQ: FFIE) recently disclosed in a press release that it has received a letter from The Nasdaq Stock Market, dated April 18, 2024, indicating that the company is not currently in compliance with Nasdaq Listing Rule 5250(c)(1). This non-compliance stems from the delayed filing of the company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2023.
According to the Nasdaq letter, the company has a 60-calendar-day window to submit a plan to regain compliance with Nasdaq Listing Rule 5250(c)(1). In addition, the Nasdaq staff has the authority to grant an exception of up to 180 calendar days from the due date of the Form 10-K to allow Faraday Future to regain compliance. Nasdaq will place the company’s securities on a list of non-compliant companies five business days after April 18, 2024.
Formerly, Faraday Future filed a Form 12b-25 with the U.S. Securities and Exchange Commission on April 2, 2024, stating its inability to submit Form 10-K within the prescribed timeframe without unreasonable effort or expense. The company noted its commitment to diligently working towards completing and filing the Form 10-K by the end of April 2024. However, it expressed uncertainty regarding the exact timeline for the completion of this filing.
The company has affirmed its intention to submit a plan to regain compliance with the Nasdaq Listing Qualifications Department on time. Throughout this process potential extension granted by Nasdaq, the company’s securities will continue to be listed on Nasdaq. Upon submission of its Form 10-K and any subsequent filings within 180 days, Faraday Future will regain compliance with Nasdaq Marketplace Rule 5250(c)(1).
Faraday Future (NASDAQ: FFIE) Stock Reaction
At the time of this report, FFIE stock stands at $0.05, showing a 2.70% decrease from the previous trading session. This week, it has suffered an 18.06% drop in value. Trading activity has seen 61,917,242 (61.91 million) shares changing hands, well above the average daily volume of 18.50 million.
Faraday Future FFIE FFIE shares FFIE stock FFIE stock news NASDAQ: FFIE
