Home » Jia Yueting received a warning from the U.S. delisting: FF’s financial situation is worrying, and it is questioned that it does not have the ability to mass-produce cars

Jia Yueting received a warning from the U.S. delisting: FF’s financial situation is worrying, and it is questioned that it does not have the ability to mass-produce cars

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Jia Yueting received the US delisting warning: FF’s financial situation is worrying and it is questioned that it has no capacity for mass production cars

Jia Yueting’s dream of building a car is going to be broken again? Judging from the current situation, FF is undergoing severe supervision because their financial reports are not in compliance with the regulations.

The US Securities and Exchange Commission pointed out in the warning letter that FF did not submit its third-quarter financial report within the prescribed time limit and was listed as a listed company that did not meet the requirements. After receiving the delisting warning letter, FF is allowed to submit a compliance plan to the Securities and Exchange Commission within 60 days. If it is approved by Nasdaq, it can regain compliance within 180 days after the expiration of the statement.

FF said that two days before receiving the warning letter, the company had submitted a document to Nasdaq on why the release of the financial report was postponed. It is mentioned in the document that FF is investigating allegations of inaccurate disclosure from short sellers and cannot submit financial reports before the end of the investigation. As for when the investigation will end, FF itself cannot be sure.

So the question is, what kind of report made Jia Yueting and FF so embarrassed? The allegations of inaccurate disclosure in FF’s official documents refer to a short-selling report issued by short-selling agency J Capital Research (Chinese translation for Meiqijin Investment) in October this year. In this 28-page report, Miqijin Investment, based on publicly available information, counted multiple FF counts. It boils down to three points:

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1. There is no capacity for mass production cars.

2. The financial situation is worrying, and there is no end to financing.

3. Is Jia Yueting really reliable?

The relevant regulations require all companies listed on the Nasdaq to submit regular financial reports to the committee within a specified time. This behavior of FF obviously violates the above regulations. If it cannot be handled properly, it may really be delisted. As of today, the market value of FF has been halved, with an issue price of US$13.98 per share and a total market value of approximately US$4.5 billion. Today, the stock price is only US$6.35, and the market value has fallen to US$2.06 billion.

Earlier news said that FF’s first mass-produced model, FF91, will be mass-produced and listed in 2022. There are also many news about FF’s site selection and construction in China, but the official did not give a response. The matter of building a factory and car has not yet progressed, and now it is experiencing delisting. Is it possible that Boss Jia’s dream of building a car is going to be broken again?

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Please indicate the source for reprinting: Fast Technology

#Jia Yueting#FF91

Editor in charge: Snowflake

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