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

Leidi Network, Letian, April 30 Faraday Future (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 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 said 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 also actively pursuing strategic financing—particularly in the Middle East. It should be noted, however, that these initiatives themselves involve uncertainties and cannot, on their own, guarantee compliance." 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 also actively pursuing strategic financing—particularly in the Middle East. It should be noted, however, that these initiatives themselves involve uncertainties and cannot, on their own, guarantee compliance. Q: Can I continue trading Faraday Future’s securities? A: Yes. Trading remains unchanged from the way it was prior to the issuance of the delisting notice. Q: Has Faraday Future’s stock ticker symbol changed? A: No. Our common stock ticker symbol remains "FFIE", and our warrant ticker symbol remains "FFIEW". Q: Does the company intend to request a hearing before the Nasdaq Hearings Panel? A: Yes. The company intends to promptly request a hearing before the Hearings Panel 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.

Current Market Status and Future Development Prospects Forecast Analysis Report for China’s Biofuel Industry

IV. Market Competition Landscape China’s biofuel market exhibits a diversified competitive landscape. COFCO Group, as an industry leader, has established multiple production bases nationwide and commands nearly 30% of the market share. Close behind are Longlive Biotechnology Co., Ltd. and Shandong Chenxi Bio-Technology Co., Ltd., whose combined market share stands at approximately 20%. Numerous small- and medium-sized enterprises are also actively expanding operations within specific regions or niche segments. V. Import and Export Trade Benefiting from the deepening implementation of the Belt and Road Initiative, China’s biofuel product exports have steadily increased. In 2022, total biofuel exports reached USD 2 billion, primarily destined for Southeast Asia and Europe. On the import side, robust domestic demand and reliance on certain high-end imported raw materials resulted in annual imports totaling USD 1.5 billion. VI. Future Outlook Looking ahead, China’s biofuel industry is expected to maintain strong growth momentum. By 2030, the industry’s market size is projected to exceed RMB 300 billion, with a compound annual growth rate (CAGR) of approximately 8%. To achieve this goal, the industry must further strengthen international cooperation and exchanges, introduce and absorb advanced foreign technologies and management expertise, increase R&D investment, and continuously enhance independent innovation capabilities to meet rapidly growing market demand. Chapter V: Analysis of Key Enterprises in China’s Biofuel Industry As global energy structure transformation accelerates, biofuels—as a vital component of renewable energy—have experienced rapid development in China. This chapter focuses on several leading enterprises in China’s biofuel industry, including COFCO Biochemical Energy Co., Ltd. (hereinafter referred to as “COFCO Biochemical”), Shandong Longlive Biotechnology Co., Ltd. (hereinafter referred to as “Longlive Biotech”), and Anhui BBCA Group Co., Ltd. (hereinafter referred to as “BBCA Group”). Through comparative analysis of data on production capacity, technological capability, and market performance, this section explores each company’s competitive advantages and growth potential within the industry. COFCO Biochemical Energy Co., Ltd. COFCO Biochemical is one of China’s largest fuel ethanol producers, with an annual fuel ethanol production capacity exceeding one million tons. As of the end of 2022, the company had established multiple production bases across the country and continued to expand its production scale. In 2021, COFCO Biochemical’s fuel ethanol output reached 1.2 million tons, representing a 15% year-on-year increase and further boosting its market share. The company is also committed to developing novel bio-based materials and chemicals, extending its industrial chain into higher-value-added domains. In the first half of 2022, its R&D expenditure amounted to RMB 450 million, accounting for over 6% of its operating revenue. Shandong Longlive Biotechnology Co., Ltd. Longlive Biotech specializes in the research, development, and production of cellulosic ethanol and is a leading developer of second-generation biofuel technology in China. Leveraging its independently innovated enzymatic process for cellulosic ethanol production, Longlive Biotech successfully overcame key industry challenges—including high feedstock costs and low conversion efficiency. In 2021, the company achieved a cellulosic ethanol output of 80,000 tons—a 30% increase year-on-year—and became the first enterprise in China to realize large-scale commercial operation. Longlive Biotech is also actively expanding into overseas markets and has established cooperative relationships with numerous prominent enterprises in the United States and Europe to jointly advance the development of biomass energy projects.

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