Faraday Future announces 1-for-3 reverse stock split effective Feb 29, 2024; authorized shares reduced to 463M

FARADAY FUTURE INTELLIGENT ELECTRIC INC.

Reverse stock split at 1:3 ratio effective 5:00 p.m. ET on Feb 29, 2024; split-adjusted trading begins March 1, 2024 under FFIE.
Authorized common shares reduced from 1,389,937,500 to 463,312,500; fractional shareholders receive full share in lieu.
Warrants (FFIEW) adjusted: every three warrants now exercisable for one share at $2,760 per share.
CEO letter details cost reduction, including $50k savings on one BOM component via in-sourcing, and efforts to secure additional funding.

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Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

FARADAY FUTURE INTELLIGENT ELECTRIC INC.: Second amendment to the Charter to effect a 1:3 reverse stock split and reduce authorized shares to 463,312,500 (effective 2024-02-29).

Change: charter amendment
Effective: 2024-02-29

Exact text from the filing

On February 23, 2024, Faraday Future Intelligent Electric Inc. (the “Company”) filed a second amendment (the “Certificate of Amendment”) to the Company’s Third Amended and Restated Certificate of Incorporation (as amended, the “Charter”) with the Secretary of State of the State of Delaware to effect a reverse stock split at a ratio of 1:3 (the “Reverse Stock Split”) and to set the number of authorized shares of common stock, par value $0.0001 per share, of the Company (the “Common Stock”) to 463,312,500 (which is 1,389,937,500 divided by 3).

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FARADAY FUTURE INTELLIGENT ELECTRIC INC. filing history →

Source: SEC EDGAR

accession 0001213900-24-016665

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