(Yicai Global) Nov. 29 -- Faraday Future, the US electric vehicle startup founded by Chinese tycoon Jia Yueting, said it is in close contact with the Nasdaq and is confident of getting back to normal in the near future after receiving a warning letter about a possible delisting from the stock exchange.

The letter was just standard procedure, Faraday Future said in a statement today. As long as the company submits the required documents to the United States Securities and Exchange Commission in a timely manner, there is no real risk of delisting, it said.

Faraday Future received the warning after failing to submit its third-quarter financial report on time and was deemed as non-compliant. It must hand in the report within 60 days or face delisting, Securities Daily reported earlier today.

Faraday Future, whose shares have dived since it was listed in July, is working to file the documents as soon as possible, the company added.

The Nasdaq said it will restore Faraday Future’s compliance if it submits the earnings statement within 180 days of the third-quarter report expiring, Securities Daily said.

Faraday Future failed to submit the report on time because its board asked the automaker to examine a short-selling incident, Securities Daily noted, citing a company person in charge of the matter. It will submit on time, the person added.

Wall Street short-seller J Capital Research issued a 28-page report on Faraday Future last month that said the carmaker had promised to build six plants in five locations in China and the United States, but the plan has not yet been implemented.

And since the firm’s commitment to restarting its plant in Hanford, California, within seven months has made little real progress, J Capital Research concluded that Faraday Future cannot sell a single car.

“The company is fully committed to achieving mass production of the FF91 and will deliver the first vehicles in July next year,” the person told Securities Daily, referring to Faraday Future’s first flagship car. “The firm is also in negotiations regarding its headquarters in China.”

Shares of Faraday Future [NASDAQ: FFIE] closed down 2.8 percent at USD6.17 on Nov. 26, trimming its market value to USD2 billion, less than half of what it was worth when the business was listed.

Editor: Peter Thomas