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LOS ANGELES – Faraday Future Intelligent Electric, Inc. (NASDAQ: NASDAQ:), an electric vehicle and technology company, has announced a 3-for-1 reverse stock split, scheduled to take effect after market close on the 20th. February 29, 2024. The Company's common stock is expected to begin trading on a split-adjusted basis on the market open date of March 1, 2024.
The decision to reverse stock split was approved by shareholders at a special general meeting to be held on February 5, 2024. As a result of this measure, three outstanding common shares will be consolidated into one share.
The reverse stock split is intended to reduce the number of common shares available and proportionately adjusts the conversion and exercise prices of the Company's outstanding convertible notes, stock options, restricted stock units and private placement warrants. .
Following the Separation, the Company's Class A common stock will have a new CUSIP number 307359 703 and will continue to be listed on the Nasdaq Capital Market under the ticker symbol FFIE. The Class B common stock will also carry a new CUSIP number 307359-802.
Faraday Future's listed warrants, symbolized FFIEW, will not change in CUSIP number but will be adjusted with respect to the number of shares of Class A common stock exercisable, with each three warrants being exercisable for one share. It will be. The price is $2,760 per share.
Fractional shares will not be issued as a result of the reverse stock split. Instead, shareholders entitled to fractional shares will receive one full share of the common stock after the reverse stock split. This adjustment will affect all stockholders proportionately and will not change their ownership percentage of our common stock.
Continental Stock Transfer and Trust Company has been selected by Faraday Future as the exchange agent for the reverse stock split. Shareholders who hold shares through a bank, brokerage firm or nominee do not need to take any action as the reverse stock split will be automatically reflected in accordance with their individual brokerage process.
This information is based on a press release statement and details regarding the reverse stock split and related charter amendments were filed with the Securities and Exchange Commission on January 10, 2024 and supplemented on January 24, 2024. It is stated in the power of attorney. .
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