Faraday Future Receives Delisting Warning from NASDAQ

Garrett_Li

Garrett_...

· 2021.11.27

Faraday Future is required to submit its Q3 earnings report within 60 days or it may face delisting from NASDAQ.

BEIJING, November 26 (TMTPOST) — EV startup Faraday Future, founded by controversial Chinese entrepreneur Jia Yueting, has received a delisting warning from NASDAQ due to its failure to file its quarterly earnings report in time.

Faraday Future is required to submit its quarterly earnings report ending on September 30, 2021, within 60 days or it may face delisting from the stock exchange.

The EV startup recently informed the U.S. Securities and Exchange Commission that it would not be able to submit its 10-Q form for the Q3 report because the company’s board is facing accusations of inaccurate disclosure. NASDAQ then issued the delisting warning as a result.

Faraday Future has explained the situation to NASDAQ after receiving the delisting notice, the company said.

Source: NASDAQ

The EV company has formed a committee of the board of directors to investigate the accusations made by short-seller J Capital Research.

Last month, J Capital Research issued a report on Faraday Future titled Move Over Lordstown: There's a New EV Scam in Town, which claims that the EV maker’s several factories were either delayed or abandoned.

J Capital Research’s report points out that Faraday Future has failed to start producing cars that are expected to be sold at US$200,000 or more after eight years’ operation. "After eight years in business, FFIE has failed to deliver a car and is yet again saying ‘next year,” the report says.

“We don't think Faraday Future (FFIE), an EV SPAC, will ever sell a car. So far, it's nothing but a bucket to collect money from U.S. investors and pour it into the black hole of debt created by its founder, China's best-known securities fraudster, Jia Yueting,” J Capital Research stated in the report.

Faraday Future went public on the NASDAQ on July 22, 2021 through a merger with Property Solutions Acquisition Corp (PSAC), a special purpose acquisition company (SPAC), at an offering price of US$13.78.

The EV company's founder Jia Yueting is considered by many as a fraudster back home. Jia had been fined by China Securities Regulatory Commission 241 million yuan (US$36.8 million) for a financial fraud involving Le.com running from 2007 to 2016.

本文系作者Garrett_Li授权钛媒体发表,并经钛媒体编辑,转载请注明出处、作者和本文链接
本文观点仅代表作者本人,钛媒体平台仅对用户提供信息及决策参考,本文不构成投资建议。
想和千万钛媒体用户分享你的新奇观点和发现,点击这里投稿 。创业或融资寻求报道,点击这里

敬原创,有钛度,得赞赏

”支持原创,赞赏一下“
钛粉30326 钛ae5u70 满级钛宝16422180875 马洋928 钛小超16395556011 钛粉25713
514人已赞赏 >
514换成打赏总人数514人赞赏钛媒体文章
关闭弹窗

挺钛度,加点码!

  • ¥ 5
  • ¥ 10
  • ¥ 20
  • ¥ 50
  • ¥ 100

支付方式

确认支付
关闭弹窗

支付

支付金额:¥6

关闭弹窗
sussess

赞赏金额:¥ 6

赞赏时间:2020.02.11 17:32

关闭弹窗 关闭弹窗

注册邮箱未验证

我们已向下方邮箱发送了验证邮件,请查收并按提示验证您的邮箱。

如果您没有收到邮件,请留意垃圾邮件箱。

更换邮箱

您当前使用的邮箱可能无法接收验证邮件,建议您更换邮箱

账号合并

经检测,你是“钛媒体”和“商业价值”的注册用户。现在,我们对两个产品因进行整合,需要您选择一个账号用来登录。无论您选择哪个账号,两个账号的原有信息都会合并在一起。对于给您造成的不便,我们深感歉意。