FFIE.US soared 35% in pre-market trading! Faraday Future (FFIE.US) has regained compliance with Nasdaq's financial reporting requirements.

July 31, Faraday Future (FFIE.US) released its latest business update, focusing on the significant progress made in its strategic development and operations, particularly in meeting the timely reporting requirements of Nasdaq.

In the first quarter of 2024, Faraday Future continued to focus on cost control and the reduction of operating expenses. The Company's operating expenses decreased significantly from $95.8 million to $22.9 million, and the operating loss also decreased from $95.8 million to $43.6 million. The cash flow situation of the operating activities has been significantly improved, with the loss decreasing to $14.7 million from $103.2 million in the first quarter of 2023.

As of March 31, 2024, the Company's total assets were $4.999 billion, liabilities were $2.984 billion, and book value was $2.015 billion. In addition, as of July 30, 2024, the Company had 441.3 million shares of Class A Common Stock outstanding, up from 439.7 million shares on May 17, 2024.

Faraday Future has already obtained approval from the Nasdaq Listing Committee for its continued listing, subject to certain compliance periods. The Company has now successfully filed its 10-Q quarterly report for the period ended March 31, 2024, meeting one of the key compliance period requirements.

Through a series of measures and results, Faraday Future demonstrated its positive progress in financial management and compliance. As of the time of writing, Faraday Future was trading up over 35%, at $0.42.