09:27 AM EDT, 08/15/2024 (MT Newswires) -- Faraday Future Intelligent Electric ( FFIE ) said Thursday it plans to implement a 1-for-40 reverse split of its outstanding common shares on Friday.

The reverse stock split will reduce the company's outstanding share capital to about 104.2 million shares from around 4.17 shares, according to the statement.

Faraday Future Intelligent Electric ( FFIE ) expects its shares to start trading on a split-adjusted basis on Aug. 19.

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