Faraday Future Intelligent Electric Inc.

FFIE

After the market closed on November 15, Faraday notified the U.S. Securities and Exchange Commission it could not file Form 10-Q within the prescribed time period for its Q3 2021 financial results, citing an ongoing investigation initiated by the Company’s Board of Directors regarding allegations of inaccurate disclosures.  

The company went public via a de-SPAC transaction in July 2021 and on October 7, 2021, short seller J Capital Research released a report on the company titled, “Move Over Lordstown: There’s a New EV Scam in Town”, alleging a wide range of issues at the company.

On news of the delayed filing, shares of Faraday Future Intelligent Electric stock dropped more than 5% from the November 15 closing price.

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