Summary by Moomoo AI
Faraday Future Intelligent Electric Inc. (FFIE) has announced a reverse stock split that will take effect before the market opens on March 1, 2024. The split will be conducted on a 1-for-3 basis, meaning each existing FFIE Common Share will be converted into approximately 0.333333 new Common Shares. Post-split, the company's option symbol will change from FFIE to FFIE2. The reverse stock split aims to consolidate shares and potentially increase the stock price, making it more attractive to investors. Fractional shares resulting from the split will be rounded up to the nearest whole share. The new CUSIP number for the post-split shares will be 307359703. The contract adjustment for options will be effective on the same date, with the new deliverable per contract being 34 new FFIE Common Shares.
