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Like Luo Yonghao, Jia Yueting is about to start "Live with goods".Gametimearcade?
"by starting my personal IP commercialization, I will try to make some money as soon as possible, partly repay the debt, partly save the company, subsidize car building, and strive to support the basic operation of FF (Faraday Future)." On the morning of May 7, Jia Yueting, founder of FF, posted a video on the public channel under the crisis of delisting of FF.
As soon as these words came out, many netizens thought that Jia Yueting was about to start a "live broadcast with goods." At present, Jia Yueting has more than 15 million Weibo fans and nearly 1.42 million Douyin fans.
According to a previous announcement issued by FF, the company received a letter from NASDAQ on April 24, 2024, because FF shares closed below zero for 10 consecutive trading days.Gametimearcade.1 US dollars, which does not comply with the Nasdaq listing regulations, therefore, the NASDAQ Stock Exchange gave the opinion that FF shares should withdraw from the NASDAQ capital market.
As of the close of trading on May 6, FF offered $0.04, with a total market capitalization of $1.71 million (about 12.34 million yuan). FF's market capitalization was $4.511 billion at the close of its "backdoor listing" on July 22, 2021. This means that FF's market capitalization is now 99.96 per cent lower than it was when it went public.
In response, Jia Yueting said in the video that FF is indeed facing a very great risk of delisting, but it has not really been delisted, and he and management will try their best to restore compliance and strive to keep FF listed. FF filed a complaint with Nasdaq on May 1st to maintain listing eligibility through rectification of compliance.
Reviewing the development of FF, Jia Yueting believes that the direct cause of the current crisis in FF is the problem of funds, while the root cause is the problem of confidence and trust.
According to FF's third-quarter 2023 results, FF had only $6.714 million in disposable cash on its books, while FF posted an operating loss of $66.4 million in that quarter.
In response, Jia Yueting said that FF will speed up the financing process, and FF Global CEO Matthias Aydt is promoting major financing and business expansion projects in the Middle East.
Previously, Jia Yueting was deprived of the highest business decision-making power of FF because of debt problems, and he had no right to participate in the final decision-making of the company's core finance, legal affairs and supply chain. In order to save FF, Jia Yueting said that he would also consider becoming the joint CEO of FF.
