Faraday update – “Still moving forward”
-April 24,2022-
Hanford electric car maker Faraday Future has not filed their 10-K financial report for 2021. Nasdaq granted an exception giving the company a new deadline of May 6, 2022 to file the Q3 Form 10-Q and the Form 10-K.But as a result of an additional delinquency, the company must submit an update to its original plan to regain compliance by April 19, 2022 said NASDAQ. The company said they intend to submit a timely update to its original plan.
But as of April 20 spokesperson John Schilling says the May 6 deadline is the one they plan to meet.He says the company does not expect NASDAQ to delist the stock and expects the filling to be made by the May 6 deadline.”We are still moving forward.”
The latest FF filing with the SEC was April 14 announcing” the Departure of Directors or Certain Officers” after completion of an independent investigation into allegations of inaccurate company disclosures. As of April 12, 2022, the Board approved certain additional remedial actions including:
Yueting (YT) Jia, the Company’s founder will no longer be an executive officer;
Matthias Aydt, Senior Vice President, Business Development and Product Definition and a member of the Board, has been placed on probation as an executive officer for a six-month period effective immediately.
Also, Jiawei (Jerry) Wang, the Company’s Vice President, Global Capital Markets, who had been suspended without pay since January 31, 2022, notified the Board of his decision to resign from the Company.
At the end of March the company said they expect its net loss to be between $510 million and $550 million for the year ended December 31, 2021 as compared to a net loss of $147 million for the year ended December 31, 2020. The increase in net loss is attributable to the significant increase in operating expenses said the filing