Faraday Future (FF) is still under investigation by the U.S. Securities and Exchange Commission (SEC).

On March 31, according to the documents disclosed by FF in the SEC, some management and employees of the company have received a preservation notice and subpoena from the SEC. The subpoena shows that, The SEC has opened a formal investigation into the matters the special committee is investigating.

FF said that it had previously contacted the SEC about the special committee’s investigation and is now fully cooperating with the SEC’s investigation.

Previously, the short-selling agency J Capital Research (Meichkin Investment Consulting Company) issued a short-selling report on FF, saying that FF could not sell a car. Later, documents submitted by a special committee composed of FF’s independent board of directors showed that only 300 of the 14,000 reservations were paid reservations, and said there was no evidence to support J Capital Research’s short-selling report.

At the same time, FF also stated that it is not expected to submit the annual report up to December 2021 within the deadline, and more time is needed to complete additional investigative work, implement Additional appropriate remedial actions and finalization of the company’s financial statements and related disclosures, including the company’s financial results for the third quarter ended September 30, 2021. According to the document, FF said that it is expected to Submit last year’s annual report by May 6, and last year’s third-quarter report ended September 30.

FF also disclosed part of its financial situation. It is expected that the operating loss in the third quarter of last year will increase to 186 million US dollars, while the loss in the same period of the previous year was 18 million US dollars. The reason for the expansion of the loss Primarily due to increased costs at the Hanford, Calif., manufacturing facility, additional accruals from certain corporate lawsuits, and related to the abandonment of certain FF 91 program assets.

Net loss for the third quarter of last year will increase to $304 million, compared to $33 million in the same period last year, primarily due to higher operating expenses, related party notes payable, notes payable and The fair value measurement loss on the warrant liability.

FF, the company is expected to have total assets of approximately $1 billion, including approximately $666 million in cash and cash equivalents as of September 30 last year, compared to approximately $316 million as of December 31, 2020.

On February 23, local time, Faraday Future’s first mass-produced car rolled off the production line at the Hanford plant. FF founder Jia Yueting said, “The dream is getting closer and closer and becoming a reality.”

As of the close of U.S. stocks on March 31, FF shares fell 3.29% to close at $4.99, down 1.6% after the market.