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Faraday Future Intelligent Electric Inc. | 8-K: Faraday Future Announces 1 for 3 Reverse Stock Split Effective February 29, 2024

SEC announcement ·  Feb 26 06:05
Summary by Moomoo AI
On February 23, 2024, Faraday Future Intelligent Electric Inc. ("Faraday Future" or the "Company") filed an amendment to its charter to execute a reverse stock split at a ratio of 1:3, effective as of 5:00 p.m., Eastern Time, on February 29, 2024. This action was authorized by the Company's stockholders during a special meeting held on February 5, 2024. The reverse stock split will result in every three shares of issued and outstanding common stock being automatically converted into one share of common stock. The number of authorized shares of common stock will also be reduced to 463,312,500. Adjustments will be made to the Company's stock incentive plans, outstanding warrants, and convertible securities to reflect the reverse stock split. Faraday Future's Class A common stock...Show More
On February 23, 2024, Faraday Future Intelligent Electric Inc. ("Faraday Future" or the "Company") filed an amendment to its charter to execute a reverse stock split at a ratio of 1:3, effective as of 5:00 p.m., Eastern Time, on February 29, 2024. This action was authorized by the Company's stockholders during a special meeting held on February 5, 2024. The reverse stock split will result in every three shares of issued and outstanding common stock being automatically converted into one share of common stock. The number of authorized shares of common stock will also be reduced to 463,312,500. Adjustments will be made to the Company's stock incentive plans, outstanding warrants, and convertible securities to reflect the reverse stock split. Faraday Future's Class A common stock will begin trading on a split-adjusted basis on The Nasdaq Capital Market on March 1, 2024, under the existing ticker symbol 'FFIE' with a new CUSIP number. No fractional shares will be issued; stockholders who would otherwise receive a fractional share will be issued a full share instead. The Company has also issued a press release and an open letter from the Global CEO, Matthias Aydt, discussing the reverse stock split and sharing the updated master plan for the Company's growth in 2024.
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