Faraday Future Announces Reverse Stock Split

Faraday Future announced a 1-for-150 reverse stock split to occur on July 24 to remain on the Nasdaq. The stock trades at eight cents, down 92% year-to-date. The split will reduce shares from 384,527,828 to around 2,563,519 and boost the price to roughly $12. Cumulative robot sales have surpassed 250 units.