Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On May 4, 2022, Faraday Future Intelligent Electric Inc. (the “Company”) received an extension from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) until May 16, 2022 to file the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 (the “Form 10-K”) and regain compliance with Nasdaq Listing Rule 5250(c)(1) (the “Extension”). As disclosed in the Company’s Current Reports on Form 8-K filed with the Securities and Exchange Commission (the “SEC”) on March 15, 2022 and April 7, 2022, Nasdaq previously granted the Company an extension until May 6, 2022 to file its Quarterly Report on Form 10-Q for the quarter ended September 30, 2021 (the “Q3 Form 10-Q”) and Form 10-K.
On May 6, 2022, the Company filed the Q3 Form 10-Q. Nasdaq has advised the Company that a failure to file the Form 10-K and the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2022 (the “Q1 Form 10-Q”) on or prior to May 16, 2022 will result in a notice of delisting of the Company’s securities. For the avoidance of doubt, the Company has not received a notice of delisting to date and to the extent the Company files the Form 10-K and Q1 Form 10-Q on or before May 16, 2022, there is no material risk of such a notice of delisting. In the event the Company does subsequently receive a notice of delisting, the Company would be entitled to appeal that determination to a Nasdaq Hearings Panel and to request a further stay pending the appeal. The Company is working diligently to finalize and file the Form 10-K as soon as practicable and currently expects to file both the Form 10-K and the Q1 Form 10-Q on or prior to May 16, 2022, and to file its amended Registration Statement on Form S-1 (File No. 333-258993) promptly following the filing of the Q1 Form 10-Q.
Forward Looking Statements
This Current Report on Form 8-K (including information incorporated herein by reference) includes “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this report, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include the Company’s ability to satisfy the terms of the Nasdaq exception and to file the Form 10-K and the Q1 Form 10-Q by May 16, 2022, and its ability to regain compliance with the Nasdaq continued listing standards; the outcome of the SEC investigation relating to the matters that were the subject of the Special Committee investigation; the implementation of the Special Committee’s actions and related internal review by the Company; the Company’s ability to execute on its plans to develop and market its vehicles and the timing of these development programs; the Company’s estimates of the size of the markets for its vehicles and costs to bring its vehicles to market; the rate and degree of market acceptance of the Company’s vehicles; the success of other competing manufacturers; the performance and security of the Company’s vehicles; potential litigation involving the Company; the result of future financing efforts and general economic and market conditions impacting demand for the Company’s products; and the ability of the Company to attract and retain employees. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the Company’s registration statement on Form S-1/A (File No. 333-258993) filed with the SEC on October 4, 2021 and other documents filed by the Company from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and the Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.