(Yicai) May 8 -- Jia Yueting, the Chinese founder of electric vehicle maker Faraday Future, may start livestreaming to save the struggling American company.

"FF is facing a great delisting crisis," Jia said in a video posted on his social media account. "I will start commercializing my personal intellectual property to make money as much and fast as possible to pay off debt and fund the firm in car manufacturing and basic operations.”

Netizens commented that Jia might mean that he will make use of his large online following and begin livestreaming to sell goods. The serial entrepreneur has more than 15 million followers on Weibo and over 1.4 million on Douyin, the Chinese version of TikTok.

The Nasdaq informed the Los Angeles-headquartered maker of FF 91 vehicles on April 24 about the bourse's decision to delist the car firm because its stock price dropped below 10 US cents for 10 consecutive trading days. This is the second rule break as the bourse told FF earlier that its shares will stop trading on June 25 due to falling below USD1 per share for more than 30 days.

FF [NASDAQ: FFIE] closed 5.8 percent higher at 4 US cents in New York yesterday with a market cap of USD1.9 million, just a fraction of the total of USD4.5 billion at the end of July 22, 2021, the first day of trading after its backdoor listing.

Jia and the firm’s management will spare no efforts to regain compliance with the rules to maintain the listing status, Jia said in the video. On May 1, FF requested a hearing to appeal the latest decision.

Jia is renowned in China for his previous failed enterprise, Leshi Internet Information and Technology. After amassing billions of US dollars of debt, Jia left China for the US in 2017 to embark on his car manufacturing dreams. When FF went public in 2021 he said that he would come back to China in due course.

The direct reason behind FF's crisis is a lack of funds but the root cause is linked to confidence and trust issues, Jia said. He added that FF will move faster in raising money, and its Chief Executive Matthias Aydt is advancing major financing and business expansion in the Middle East.

The company had USD6.7 million of cash as of Sept. 30, 2023, whereas its operating loss tallied USD66.4 million, according to its financial report.

Jia currently has no management or decision-making power regarding core finance, legal affairs, or supply chain at the company due to his personal debt issues but the founder said that he might become a co-CEO to save the firm.

Editor: Emmi Laine