Summary by Futu AI
Faraday Future Intelligent Electric Inc. (FFIE) has announced a 1-for-3 reverse stock split, effective before the market opens on March 1, 2024. This corporate action follows an earlier adjustment on August 28, 2023, detailed in OCC Information Memo #53092, where the deliverable for FFIE options was updated to 2 FFIE Common Shares. Post the reverse stock split, each FFIE Common Share will be converted into approximately 0.333333 new FFIE Common Shares. Fractional shares resulting from the split will be rounded up to the nearest whole share. The adjustments to the FFIE options, now symbolized as FFIE1, include a new multiplier of 100 for premium or strike dollar extensions, and the new deliverable per contract will be 1 new FFIE Common Share. The underlying price for FFIE1 will be determined by the equation FFIE1 = 0.01 (FFIE). The Options Clearing Corporation (OCC) has made these adjustments in accordance with their by-laws and based on information available at the time, subject to change if new information or material changes to the corporate event occur.
