Summary by Moomoo AI
Faraday Future Intelligent Electric Inc. (FFIE) has announced a 1-for-40 reverse stock split, set to take effect before the market opens on August 19, 2024. This corporate action will convert each FFIE Class A Common Share into the right to receive 0.025 new Class A Common Shares. In conjunction with this change, the options for Faraday Future Intelligent Electric Inc., under the adjusted option symbol FFIE1, will also be adjusted. The adjustments to FFIE1 options, previously made on August 28, 2023, and March 1, 2024, will now reflect the reverse stock split. The new deliverable per contract will be 1 new FFIE Class A Common Share, with the underlying price for FFIE1 being set at 0.01 of the FFIE price. The Options Clearing Corporation (OCC) has provided this information and will be responsible for the adjustments, which are made in accordance with their by-laws.
