Faraday Future Intelligent Electric Inc. - FFIE STOCK NEWS

Faraday Future Intelligent Electric Inc. (Nasdaq: FFIE) has released an open letter from its Board of Directors and Founder, YT Jia, urging all stockholders to vote at the upcoming Annual Meeting on July 31, 2024. The letter emphasizes the critical nature of two key proposals:

1. Proposal 3: Increase authorized shares to support future strategic investments and meet existing obligations.

2. Proposal 4: Approve a reverse stock split (ratio 2:1 to 40:1) to maintain Nasdaq listing status.

The company stresses that failure to approve these proposals could result in significant losses for stockholders, potentially leading to bankruptcy or delisting from Nasdaq. FFIE's board believes maintaining listed status is important for creating long-term value and urges stockholders to vote in favor of all proposals.

Faraday Future (FFIE), a California-based global shared intelligent electric mobility ecosystem company, announced an Investor Community Day at its Los Angeles HQ on July 20, 2024. Investors are invited to explore the FF 91 2.0 EV and meet the executive team. To attend, email events@ff.com with your legal name, proof of shareholding, city/state of residence, phone number, and email by July 17 at 2 PM PT. Slots are , but registered attendees will join the future retail investor mailing list. Faraday Future’s Annual Meeting of Stockholders is scheduled for July 31, 2024. Stockholders are urged to vote FOR all proposals and can get more information on voting at the provided website links.

Faraday Future (Nasdaq: FFIE) announced that the Nasdaq Hearings Panel has approved its request to continue listing on Nasdaq, contingent upon meeting specific compliance deadlines. The company must meet periodic reporting requirements by July 31, 2024, and the minimum bid price requirement by August 31, 2024. Faraday Future has already taken steps to regain compliance, including filing its 2023 Annual Report, engaging a new independent auditor, and proposing a reverse stock split. The company aims to file its Q1 Form 10-Q by the end of July and its Q2 Form 10-Q timely. CEO Matthias Aydt expressed gratitude for the panel's decision and reaffirmed the company's commitment to compliance.

Faraday Future (Nasdaq: FFIE) announced plans to regain Nasdaq listing compliance, including a reverse stock split proposal ranging from 1-for-2 to 1-for-40 shares. This move aims to meet Nasdaq's minimum bid price requirement of $1.00 per share. The company has faced delisting threats due to its stock price falling below $0.10 and failure to timely file its 2023 Annual Report. To address these issues, they have filed the necessary reports, engaged a new auditor, and committed to timely filings. Additionally, Faraday Future seeks shareholder approval to increase authorized shares for strategic financing. If successful, this could support production ramp-ups and new strategic initiatives. The company remains committed to securing full Nasdaq compliance and maintaining its listing status.

Faraday Future (NASDAQ: FFIE), a California-based global intelligent electric mobility company, has appointed Macias Gini & O'Connell LLP (MGO) as its new independent auditor.

MGO replaces Mazars USA LLP, with the change effective from June 21, 2024. MGO is recognized as a top 50 global assurance, tax, and advisory firm. This appointment will be up for ratification at the next annual stockholder meeting.

Jonathan Maroko, Interim CFO, expressed optimism about working with MGO to enhance the company's accounting and finance operations.

Faraday Future (NASDAQ: FFIE) has delivered its latest FF 91 2.0 electric vehicle to prominent retail investor Jun He, marking the resumption of its Start of Delivery Second Phase (SOD2). The delivery event, held at the company's Los Angeles headquarters, showcased the FF 91 2.0's advanced features, including the 3rd AI Space with sports streaming, financial news browsing, and stock quotes.

The car received significant over-the-air (OTA) upgrades, including 752 new features and 846 improvements, emphasizing 'All-AI, All-Hyper, All-Ability' trends. Faraday Future is considering launching a second brand to offer more affordable, high-value solutions for the mass market.

Faraday Future (Nasdaq: FFIE) announced plans to share details on its 'US-China Automotive Industry Bridge Strategy' within the next month or two. The strategy aims to integrate US and Chinese automotive strengths, leveraging FF's expertise in technology, manufacturing, and regulation. Additionally, the company has received an extension from Nasdaq to stay the suspension pending a hearing. FF filed its 2023 Q4 and full-year financial report, with the 2024 Q1 report in progress. The focus in 2024 is ramping up production of the FF 91 vehicle, enhancing quality assurance, and improving customer satisfaction.

Faraday Future (Nasdaq: FFIE) has released its financial results for Q4 and the full year 2023, marking its first revenue year. The company reported $0.8 million in revenue for 2023, compared to none in 2022. Operating losses decreased to $286 million from $437 million in 2022, mainly due to reduced operating expenses of $244 million, down from $437 million. Net loss improved to $432 million from $602 million. Total assets were $531 million, and liabilities were $302 million as of December 31, 2023. Net cash used in operating activities was $278 million, down from $383 million in 2022. Capital expenditures dropped to $31 million. The cash balance was $4 million on December 31, 2023. Faraday Future aims to attract more strategic investors and is exploring non-dilutive funding options. The company has also withdrawn its production target guidance for 2024.

Faraday Future announced that on May 21, 2024, it received a notice from Nasdaq regarding the failure to timely file its Quarterly Report on Form 10-Q for the period ending March 31, 2024. This failure could lead to the delisting of FFIE's securities under Nasdaq Listing Rule 5250(c)(1). The company has requested a hearing to present its plan for filing the report and remedying the stock price deficiency. Despite this, Faraday Future expects its securities to continue trading normally on Nasdaq during the hearing process.