Faraday Future announces reverse stock split, authorized share reduction

Faraday Future intends to implement a reverse stock split of the issued and outstanding shares of the company’s common stock, par value $0.0001 per share, at a ratio of 1-for-40, expected to become effective at 5:00 p.m. ET on August 16. The company’s common stock is expected to begin trading on a split-adjusted basis commencing upon market open on August 19. As a result of the reverse stock split, every 40 shares of the Company’s issued and outstanding common stock will be automatically combined and converted into one issued and outstanding share of common stock. The company’s Class A common stock will trade under a new CUSIP number, 307359 885, effective August 19, and remain listed on Nasdaq under the symbol “FFIE.” The company’s Class B common stock will have a new CUSIP number, 307359 877, effective August 19. The company’s publicly traded warrants will continue to be traded on the Nasdaq Capital Market under the symbol “FFIEW” and the CUSIP number for the warrants will remain unchanged. For the Company’s warrants trading under the symbol “FFIEW”, every 40 warrants will be exercisable for one share of Class A common stock at an exercise price of $110,400 per share of Class A common stock. In addition, the authorized shares of common stock will be reduced from 4,169,812,500 to 104,245,313. The reverse stock split impacts all holders of the company’s common stock proportionally and will not impact any stockholder’s percentage ownership of the company’s common stock.