Shares of Faraday Future Intelligent Electric Inc.
FFIE,
fell nearly 25% in the extended session Friday after the EV company said that its board is planning a reverse stock split, which would range from a 1-for-2 split to a 1-for-90 split. Faraday will submit the proposal to shareholders at a special meeting yet to be scheduled, and the board will decide on a final ratio after a potential approval. The split is “a strategic decision that comes at a crucial phase of development,” Faraday said. In the same statement, Faraday said that deliveries of a special edition of its FF 91 electric car are postponed to August, from a previous expectation of late June. The company pinned the delay onto a supplier’s “timing constraints” and more timing issues related to safety tests. Shares of Faraday Future ended the regular trading day up 12%.
