Electric-vehicle startup Faraday Future Intelligent Electric said on Friday it was planning a reverse stock split for a broader range of financing opportunities.
The reverse stock split proposal includes a range between 1-for-2 and 1-for-90 shares of outstanding common stock. The final ratio will be determined by the Board following stockholder approval.
The company also pushed back the phase 2 delivery of its FF 91 2.0 Futurist Alliance vehicle from the end of the second quarter to August 2023.
(Reporting by Samrhitha Arunasalam in Bengaluru; Editing by Krishna Chandra Eluri)
