FF to Be Delisted from Nasdaq; Company Responds It Is Actively Pursuing Strategic Financing

Leidi Network, Letian, April 30 Faraday Future (FutureFuel, also known as "FF") recently received a letter from the Nasdaq Stock Market notifying the company that it will be delisted due to noncompliance with Nasdaq’s listing rules. Nasdaq stated that FF fails to meet Nasdaq Listing Rule 5810(c)(3)(A)(iii), as its securities closed at $0.10 or lower for ten consecutive trading days. Consequently, Nasdaq staff determined to delist FF’s securities from the Nasdaq Capital Market. FF stated that it intends to request a hearing before the Nasdaq Hearings Panel by May 1, 2024—the latest permissible date—to appeal the delisting determination. During this period, FF’s securities will remain listed on the Nasdaq Capital Market. If FF fails to appeal the delisting decision by May 1, 2024, trading in its securities will be suspended at the market open on May 3, 2024, and FF will file a Form 25-NSE with the U.S. Securities and Exchange Commission (SEC), thereby terminating its listing and registration on the Nasdaq Stock Market. In its response, FF stated that the company is considering all feasible measures to regain compliance, including timely filing of its 2023 Annual Report on Form 10-K, timely filing of its Q1 2024 Quarterly Report on Form 10-Q, and seeking shareholder approval for a reverse stock split. "In addition to these measures, the company is actively pursuing strategic financing—particularly in the Middle East. It should be noted, however, that these initiatives themselves involve uncertainties and cannot guarantee compliance solely through their implementation." Below is FF’s official response: FF: The Company Is Considering All Feasible Measures to Regain Compliance Q: Have Faraday Future’s common stock and warrants been delisted or suspended from trading? A: No, our common stock and warrants remain listed on Nasdaq. Q: What actions will the company take to regain compliance? A: The company is considering all feasible measures to regain compliance with the aforementioned requirements, including timely filing of its 2023 Annual Report on Form 10-K, timely filing of its Q1 2024 Quarterly Report on Form 10-Q, and seeking shareholder approval for a reverse stock split. In addition to these measures, the company is actively pursuing strategic financing—particularly in the Middle East. It should be noted, however, that these initiatives themselves involve uncertainties and cannot guarantee compliance solely through their implementation. Q: Can I continue trading Faraday Future’s securities? A: Yes. Trading remains unchanged from prior to the issuance of the delisting notice. Q: Has Faraday Future’s ticker symbol changed? A: No. Our common stock continues to trade under the symbol “FFIE”, and our warrants continue to trade under the symbol “FFIEW”. Q: Does the company intend to request a hearing before the Nasdaq Hearings Panel? A: Yes. The company intends to promptly apply to the Hearings Panel for a hearing to appeal the delisting notice. Q: Does Nasdaq have the authority to deny the company’s hearing request? A: Provided the company timely pays the required fees, the Hearings Panel will approve our hearing request.

Jia Yueting Remains Committed to His EV Dream: Detailed Explanation of Equity Incentives Under the SPAC Merger

Faraday Future Corporation ($FutureFuel Corporation$, FF), founded by Jia Yueting in 2014, has re-emerged into public view after years of relative obscurity. ・ On January 27, news emerged that Zhuhai Municipal State-owned Assets Supervision and Administration Commission would invest RMB 2 billion (approx. USD 275 million) in FF Automobile and facilitate the construction of FF’s local production base. Two major local state-owned enterprises—Gree Group and China Resources Land (CR Land, hereinafter “Hua Fa Group”)—also expressed interest in participating in the investment. ・ On January 28, FF announced that it had reached an agreement with Property Solutions Acquisition Corp. (PSAC) to merge businesses. The merger is scheduled for completion in Q2 of this year, after which the combined entity will list on Nasdaq under the ticker symbol “FFIE”. ・ On January 29, FF signed a framework cooperation agreement with Geely Holding Group. Geely Holding also disclosed that it made a modest investment in FF’s listing process. ・ … After years of delayed mass production, amid its parent company LeTV’s cash-flow crisis, founder Jia Yueting’s personal bankruptcy restructuring, and turbulent relations with investors—why has FF secured backing from Chinese state capital and prepared for an imminent listing? What has enabled FF—despite repeated setbacks—to endure? Priced above USD 1 million, targeting luxury vehicles As early as 2014—when electric vehicles were still in their infancy—Jia Yueting foresaw the promising future of new-energy vehicles. Named after Michael Faraday, the father of alternating current, “Faraday Future” not only playfully evokes “Ferrari” but also signals ambitious long-term aspirations. From inception, FF invested USD 1 billion in building a manufacturing facility in Nevada. Its debut electric vehicle, the FF 91, made a stunning debut—and remains compelling even four years later… At one point, FF was widely regarded as Tesla’s most formidable challenger. The FF 91 debuted in 2016. According to its official website, the FF 91 delivers industry-leading 1,050 horsepower, accelerates from 0–100 km/h in under 2.4 seconds, features zero-gravity seats with a record-breaking 60-degree recline angle, and offers revolutionary user experience. It targets flagship luxury models such as the Mercedes-Benz S-Class, Porsche Taycan, and BMW 7 Series. Yet this vehicle—originally slated for mass production in 2018—has yet to enter volume production or delivery. At the beginning of this year, FF announced that the FF 91 would launch approximately 12 months after the PSAC merger closes—meaning it could hit the market as early as Q1 next year. Additionally, over the next five years, FF plans to launch the FF 81 and FF 71, along with a “last-mile” intelligent delivery vehicle. The FF 81 is expected to enter mass production and launch in 2023; the FF 71 is projected to begin mass production and launch by the end of 2024. The next-generation FF 91 will compete directly against ultra-luxury models such as the Mercedes-Maybach, Lamborghini Urus, and Ferrari Purosangue—demonstrating FF’s unwavering commitment to establishing itself in the premium automotive segment. The FF 81 targets the high-end mass-market EV segment; the FF 71 targets the broader mass-market segment. This diversified product lineup expands FF’s strategic potential. While NIO, XPeng, and Li Auto surged ahead, the new-energy vehicle sector continued heating up. Amid repeated delays in delivering its flagship FF 91, FF consistently promised increasingly impressive features—continually raising public expectations. Priced above USD 200,000, the FF 91 has nevertheless attracted 14,000 customers willing to pay a USD 5,000 deposit.

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FutureFuel Corp saw Q1 2026 revenue surge 82% to $32 million via Chemicals and Biofuels, though net losses widened to $20.6 million. Management expects positive Adjusted EBITDA in 2026 due to favorable biofuel regulations.

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