Faraday Future fell more than 12 percent premarket. The stock is down about 26 percent from November 16 to 24.
California-based electric vehicle (EV) maker Faraday Future said it received a notice from the Nasdaq about non-compliance with the listing rule. Its stock plunged in pre-market trading Wednesday.
Faraday Future was down 12.33 percent to $5.76 at press time. The company's shares have fallen about 26 percent since it announced on November 16 that it would delay the release of its third-quarter earnings report.
A statement posted on Faraday Future's website on Tuesday said it received a letter from Nasdaq dated November 17 saying the company was not in compliance with Nasdaq listing rule.
The company said the letter from Nasdaq was expected.
The letter suggested that the company it's allowed 60 calendar days to submit a plan to regain compliance and that Nasdaq staff could grant the company an exception of up to 180 calendar days, Faraday Future said.
Faraday Future said on November 16 that it notified the SEC that it was unable to file its Form 10-Q for the fiscal quarter ended September 30, 2021, within the required time frame.
That's because the company's board of directors formed a special committee of independent directors to review allegations of inaccurate disclosures, including claims in a report issued by an investor with a history of seeking to depress the stock price of public companies for its own benefit.
The company didn't explicitly mention it, but it was supposedly referring to short-seller J Capital Research, which early last month said outright, "Move Over Lordstown: There's a New EV Scam in Town."
Faraday Future delays Q3 earnings report amid internal review of short-seller allegations
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