Faraday Future falls after announcement of reverse stock split

Faraday Future Intelligent Electric

15/08/2024 11:58

** Shares of EV maker Faraday Future Intelligent Electric
 FFIE.O  fall 16.91% to 14 cents in premarket trading 
    ** Co says it intends to implement reverse stock split of
the issued and outstanding shares of FFIE's common stock at a
ratio of 1-for-40
    ** FFIE says authorized shares of common stock will be
reduced from 4.17 bln to 104.2 mln
    ** Up to previous close, stock had fallen 75% YTD

 (Reporting by Harshita Mary Varghese in Bengaluru)
 ((HarshitaMary.Varghese@thomsonreuters.com))