Pencil Road reported on February 18 that according to Sina Finance and Economics, Faraday Future's headquarters in Los Angeles, the landlord of Wrexford Industries, has filed a lawsuit against Faraday Future in the Los Angeles Superior Court. Wrexford Industries has accused Faraday Future of defaulting on rent for January and February, as well as related maintenance fees and taxes. According to Rexford Industries, Faraday Future owes a total of 91,787$26 and demanded the repossession of the building.
Rexford Industrial Realty Inc. is a real estate investment trust that primarily engages in the acquisition, ownership, and operation of industrial properties in Southern California. The Company primarily focuses on leasing facilities that populate markets or relatively affluent urban areas, which often lack developable land. The vast majority of its portfolio consists of light manufacturing and distribution warehouses in Los Angeles and San Diego. The company's major customers are mainly from the wholesale and retail, light manufacturing, industrial equipment, and food and beverage industries.
Not only that, but Faraday Future has also been sued by its San Jose office landlord, BXP Realty, who has rented one of BXP Realty's local offices since 2022. BxP Realty filed a lawsuit in Santa Clara Superior Court on Jan. 31, alleging that Faraday Future failed to pay rent last December and had an outstanding balance of 127311$16. BxP Realty said it used Faraday Future's $99,518 security deposit to settle the rent in January and asked the company to pay the balance; But Faraday Future did not make the payment. As a result, BXP Realty intends to evict the startup from the property.
It is worth mentioning that on December 28 last year, Faraday Future received a notice from Nasdaq stating that it failed to maintain at least 1. per share for 30 consecutive trading days from November 9, 2023 to December 27, 2023, in accordance with Nasdaq's listing rules$00 minimum price ("Minimum Price Requirement"). This means that Faraday Future may be at risk of delisting if it does not improve its share price performance as soon as possible.
According to Faraday Future's third-quarter earnings report released in November 2023, the company generated revenue of 55.5 for the first time in the fiscal third quarter$10,000, cost of sales of $16.1 million, operating loss of $66.4 million, compared to a loss of $80 million in the same period last year. Although FF achieved its first revenue this time, it is still in a loss-making state.
As of the end of the third quarter of 2023, Faraday Future had only 856 cash and restricted cash left$70,000, including $185$30,000 in restricted cash. In terms of car deliveries, Faraday Future has delivered seven FF 91 20 futurist alliance。In terms of financing, FF raised a total of $61.8 million in the third quarter through convertible notes, equity lines of credit (ELOC) and ATMs.