Faraday Future Intelligent Electric (FFIE) has released an update to notify the public and investors about the submission of matters to a vote of security holders.
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During a Special Meeting on February 5, 2024, shareholders of the Company made pivotal decisions on its future financial structure. With over 53% of common stock represented, they approved a significant increase in authorized shares from 154,437,500 to 1,389,937,500, sanctioned a 1-for-3 reverse stock split, endorsed transactions exceeding 19.99% of outstanding shares with Streeterville Capital, LLC, and greenlit a new employee stock purchase program. Additionally, they authorized the adjournment of the meeting for further proxy solicitation if needed. These approvals mark a transformative phase for the Company, positioning it for potential expansion and operational flexibility.
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For a comprehensive understanding of the announcement, you can read the full document here.