Faraday Future's Latest News

🌟🌟🌟$Faraday Future Intelligent Electric Inc.(FFIE)$  has announced on Friday that it received a letter from Nasdaq dated April 18 2024 that it is not in compliance with Nasdaq Listing Rule 5250(c)(1).  The Nasdaq Letter relates to the delayed filing of the Company 's Annual Report on Form 10-K for the fiscal year ended December 31 2023.

The Nasdaq Letter advised that Faraday has 60 calendar days to submit a plan to regain compliance with this rule.  The Nasdaq Letter also advised that Faraday will be placed on a list of non compliant Nasdaq companies beginning 5 business days after April 18 2024.

Last year in December, Faraday also received another letter from Nasdaq over its failure to comply with listing rules that require a minimum closing share price of USD 1.

Since  then Faraday had a reverse stock split of 1 for 3 effective March 1 2024.  This is the 2nd reverse stock split within 5 months. 

Faraday Future had its first vehicle recall, covering 11 vehicles it built last year in March.  The recall centers around a problem with the warning light for the airbags in Faraday Future's FF91 SUV. 

The recall comes as Faraday appears to be low in cash.  It has missed multiple lease payments to its Landlord.   

However despite all these, Faraday has recently established a sales company in Dubai last week.  This follows a strategic cooperation agreement with Master Investment Group and Siraj Finance to jointly penetrate the Middle East market.  This collaboration also saw the launch of the Faraday brand in the region. 

Faraday has been actively engaging with potential partners in the Middle East to explore opportunities for strategic financing, business expansion and partnerships in sales and marketing. 

Faraday has announced plans to launch a limited edition vehicle specially tailored for the region.  The FF 91 2.0 Futurist aiFalcon is expected to start serving users in 2024.

Faraday also visited Nvidia's headquarters last week to explore potential collaboration with Nvidia's DriveThor Platform for its next generation vehicles.  Faraday Future was one of the first US companies to leverage Nvidia's Orin Platform. 

Performance wise Faraday has dropped 4.5% on Friday and in the past 5 days it has plummeted 26%.  It is now down 90% year todate and in 2023 it has lost 99.8% of its share price. 

Despite all these setbacks, Faraday Future is still trying to forge ahead with new initiatives to stay relevant.  However with warning letters from Nasdaq, there is real danger of the company getting delisted. 

With the current geopolitical conflicts in the Middle East and the Feds' current stance of interest rates higher for longer, Faraday Future needs more cash injection to stay afloat in order to comply with Nasdaq 's requirements. 

It remains to be seen if Faraday has a Future to survive and thrive. 

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