LOS ANGELES--(BUSINESS WIRE)--Aug. 15, 2024-- Faraday Future Intelligent Electric Inc. (Nasdaq: FFIE) (“Faraday Future”, “FF” or the “Company”), a California-based global shared intelligent electric mobility ecosystem company, today announced that the Company 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 (the “common stock”), at a ratio of 1-for-40 (the “reverse stock split”), that is expected to become effective at 5:00 p.m. ET on August 16, 2024. The Company’s common stock is expected to begin trading on a split-adjusted basis commencing upon market open on August 19, 2024.
As previously disclosed, at the Company’s Annual Meeting of Stockholders held on July 31, 2024, the Company’s stockholders voted to approve a proposal authorizing the Board of Directors of the Company (the “Board”) to amend the Company’s Third Amended and Restated Certificate of Incorporation (as amended, the “Charter”) to effect a reverse stock split of the Company’s issued and outstanding common stock and a corresponding reduction in the total number of shares of common stock the Company is authorized to issue. On August 4, 2024, the Board approved a 1-for-40 reverse stock split. 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, 2024, and remain listed on the Nasdaq Capital Market under the symbol “FFIE.” The Company’s Class B common stock will have a new CUSIP number, 307359 877, effective August 19, 2024. 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. However, under the terms of the applicable warrant agreement, the number of shares of Class A common stock issuable on exercise of each warrant will be proportionately decreased. Specifically, following effectiveness of the reverse stock split, every 40 shares of Class A common stock that may be purchased pursuant to the exercise of public warrants now represents one share of Class A common stock that may be purchased pursuant to such warrants. Accordingly, 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. The reverse stock split reduces the number of shares of common stock issuable upon the conversion of the Company’s outstanding convertible securities, and the exercise or vesting of its outstanding stock options, restricted stock units and private warrants in proportion to the ratio of the reverse stock split and causes a proportionate increase in the conversion and exercise prices of such convertible securities, stock options, restricted stock units and private warrants. In addition, the authorized shares of common stock will be reduced from 4,169,812,500 to 104,245,313.
No fractional shares of common stock will be issued as a result of the reverse stock split. Stockholders of record who would otherwise be entitled to receive a fractional share will be entitled to receive from the Company one full share of the post-reverse stock split common stock. 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.
Faraday Future has chosen its transfer agent, Continental Stock Transfer & Trust Company, to act as exchange agent for the reverse stock split. Stockholders owning shares via a bank, broker or other nominee will have their positions automatically adjusted to reflect the reverse stock split and will not be required to take further action in connection with the reverse stock split, subject to brokers’ particular processes.
Additional information about the reverse stock split and the related Charter amendment can be found in the Company’s definitive proxy statement filed with the Securities and Exchange Commission on July 5, 2024.
ABOUT FARADAY FUTURE
Faraday Future is the pioneer of the Ultimate AI TechLuxury ultra spire market in the intelligent EV era, and the disruptor of the traditional ultra-luxury car civilization epitomized by Ferrari and Maybach. FF is not just an EV company, but also a software-driven intelligent internet company. Ultimately FF aims to become a User Company by offering a shared intelligent mobility ecosystem. FF remains dedicated to advancing electric vehicle technology to meet the evolving needs and preferences of users worldwide, driven by a pursuit of intelligent and AI-driven mobility.
FORWARD LOOKING STATEMENTS
This press release includes “forward looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements, which include statements regarding the expected timing and implementation of the reverse stock split and the commencement of trading of the Company’s post-split common stock, involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include, among others: the Company’s ability to continue as a going concern and improve its liquidity and financial position; the Company’s ability to regain compliance with, and thereafter continue to comply with, the Nasdaq listing requirements; the Company’s ability to pay its outstanding obligations; the Company’s ability to raise necessary capital, including but not limited to the capital required to fund production of the FF 91 and the Bridge Strategy; the Company’s ability to remediate its material weaknesses in internal control over financial reporting and the risks related to the restatement of previously issued consolidated financial statements; the Company’s limited operating history and the significant barriers to growth it faces; the Company’s history of losses and expectation of continued losses; the success of the Company’s payroll expense reduction plan; the Company’s ability to execute on its plans to develop and market its vehicles and the timing of these development programs; the Company’s estimates of the size of the markets for its vehicles and cost to bring those vehicles to market; the rate and degree of market acceptance of the Company’s vehicles; the Company’s ability to cover future warrant claims; the success of other competing manufacturers; the performance and security of the Company’s vehicles; current and potential litigation involving the Company; the Company’s ability to receive funds from, satisfy the conditions precedent of and close on the various financings described elsewhere by the Company; the result of future financing efforts, the failure of any of which could result in the Company seeking protection under the Bankruptcy Code; the Company’s indebtedness; the Company’s ability to cover future warranty claims; insurance coverage; general economic and market conditions impacting demand for the Company’s products; potential negative impacts of a reverse stock split; potential cost, headcount and salary reduction actions may not be sufficient or may not achieve their expected results; circumstances outside of the Company’s control, such as natural disasters, climate change, health epidemics and pandemics, terrorist attacks, and civil unrest; risks related to the Company’s operations in China; the success of the Company’s remedial measures taken in response to the Special Committee findings; the Company’s dependence on its suppliers and contract manufacturer; the Company’s ability to develop and protect its technologies; the Company’s ability to protect against cybersecurity risks; the ability of the Company to attract and retain employees; any adverse developments in existing legal proceedings or the initiation of new legal proceedings; and volatility of the Company’s stock price. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the Company’s Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission (“SEC”) on May 28, 2024, as amended on May 30, 2024 and June 24, 2024, as updated by the “Risk Factors” section of the Company’s Form 10-Q for the quarter ended March 31, 2024 filed with the SEC on July 30, 2024, and other documents filed by the Company from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and the Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240815467656/en/
Investors (English): ir@faradayfuture.com
Investors (Chinese): cn-ir@faradayfuture.com
Media: john.schilling@ff.com
Source: Faraday Future Intelligent Electric Inc.
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2024年8月15日-カリフォルニアに拠点を置くグローバルな共有インテリジェント電気モビリティエコシステムの会社、ファラデイ・フーチャーインテリジェント・エレクトリック(Nasdaq:FFIE)(「ファラデイ・フーチャー」、「FF」または「会社」)は、1株40分割比率で、発行済みの未払いの普通株式の逆分割(「逆分割」)を実施することを意図していることを発表しました。逆分割は、2024年8月16日午後5時(東部時間)に効力が発生することが期待されています。
以前に開示されたように、2024年7月31日に開催された会社の株主総会で、株主は、第三回改訂証明書(改定済みのもので、以下「チャーター」といいます)を修正し、発行済みの未払いの普通株式と会社が承認する発行可能な普通株式の総数を相応に減少させることを承認する提案を承認しました。2024年8月4日、取締役会は、1株40分割の逆分割を承認しました。これにより、発行済みの未払いの普通株式の40株ごとに、自動的に1株に統合および変換されることになります。会社のAクラス普通株式のCUSIP番号は、有効になる場合(2024年8月19日)、307359 885に変更され、ナスダックキャピタルマーケットの「FFIE」というシンボルで上場し続けます。会社のBクラスの一般株式の新しいCUSIP番号は、307359 877になります。会社の公開取引が続けられるように、CUSIPコードに変更は加えられません。ただし、適用可能なウォラント契約の条件に従い、各ウォラントの行使により発行されるAクラス普通株式の株数は比例して減少します。具体的には、逆分割の効力発生後、公開されているFFIEWシンボルの会社のウォラントについて、40株のウォラントごとに、1株のAクラス普通株式が行使可能になり、1株のAクラス普通株式の行使価格は110,400ドルになります。逆分割は、会社の債券および先物オプション、株式オプション、制限株式ユニットおよびプライベートウォラントに対する変換および行使価格を、逆分割の比率に比例して削減し、増加させます。さらに、発行済みの普通株式の承認済み株式数は、4,169,812,500から104,245,313に減少します。
逆分割により、未払いの普通株式の数に比例して所有者全員に影響し、株主の会社の普通株式の所有割合に影響を与えません。単位未満株は発行されませんから、分数の株を受け取る権利がある株主は、株式分割後の完全な株式を1株受け取る権利を有します。
ファラデイ・フーチャーは、銀行、ブローカー、その他の委任者を介して所有している株を持つ株主の場合、 Continental Stock Transfer & Trust Companyを転送エージェントとして選択したことを発表し、株主のポジションは自動的に逆分割を反映したものとして調整されるため、追加の措置をとる必要はありません。
逆株式分割および関連するチャーターの変更に関する追加情報は、2024年7月5日に証券取引委員会に提出された会社の決定的な委任状声明書で確認できます。
FARADAY FUTUREについて
ファラデイ・フーチャー社は、インテリジェントEV時代のアルティメットAI TechLuxury超スパイア市場のパイオニアであり、フェラーリやメイバックを象徴とする伝統的な超高級車文明の引っ掛けを担う企業です。FFは単なるEV企業にとどまらず、ソフトウェア駆動型のインターネット企業でもあります。最終的に、FFは、共有されたインテリジェントモビリティエコシステムを提供することによって、ユーザー企業になることを目指しています。FFは、世界中のユーザーの進化するニーズと嗜好に応えるために、知的かつAI駆動のモビリティを追求することに尽力しています。
将来に関する声明
このプレスリリースには「前向きな声明」が含まれています。これらの前向きな声明には、それらの言葉を使用し、有望な声明が含まれています。これらの前向きな声明には、逆分割の予定されたタイミングと実施、および会社のアフタースプリット普通株式の取引開始に関する声明が含まれます。これには、会社が制御できない多数の既知および未知のリスク、不確実性、仮定、その他の重要な要因が含まれます。リスクファクターの他に、下記に示す要因が実際の業績や結果に影響を与える可能性があります:会社が企業として引き続き存在し、流動性および財政状態を改善することができるかどうか、ナスダックの上場要件に対応し、その後、対応し続けることができるかどうか、負債の支払能力が会社にあるかどうか、製品の生産を資金調達できる能力が会社にあるかどうか、また橋渡し戦略のために必要な資本を含め、必要な資本を調達する能力があるかどうか、会社の財務諸表の内部管理大幅な欠陥とその再表示に関するリスク、会社が直面している成長の重要な障壁、会社の損失の歴史および継続的な損失の期待、ポスト約束の割引率、他の競合メーカーの成功、会社の車両のパフォーマンス、営業、メンテナンス、およびクラッシュテスト結果、現在進行中、または潜在的な、会社にかかわる訴訟、会社で発生する生産交渉の成果、将来の差し迫ったニーズに対処する必要があること、将来の財務保障金請求量をカバーする能力、会社の業績に影響を与える可能性のある市場の一般的な経済状況、株式の価格の変動率。
ビジネスワイヤーのソースバージョンを表示するbusinesswire.com: https://www.businesswire.com/news/home/20240815467656/en/
投資家(英語):ir@faradayfuture.com
投資家(中国語):cn-ir@faradayfuture.com
メディア:john.schilling@ff.com
Source: Faraday Future Intelligent Electric Inc.
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