Max Landis, who wrote the hit sci-fi found-footage movie Chronicle, penned the script for Ultra, which is being produced by Anthony Bregman for Likely Story, and by David Alpert and Britton Rizzio for Circle of Confusion.
Eisenberg will play an unmotivated stoner named Mike, who lives with his girlfriend Phoebe (Stewart) in a small, sleepy town. One night, their lives take an unexpected turn when Mike's past comes back to haunt him, and he becomes the target of a government operation set to wipe him out.
"Simply put, American Ultra will be the most fun you can possibly have in a movie theater without the use of drugs, fireworks or canola oil," said Bregman, the prolific indie producer whose most recent credit is Enough Said, the James Gandolfini/Julia Louis-Dreyfus dramedy
FilmNation Entertainment will handle international sales for all territories, including Canada. CAA will represent domestic rights on the film.
Executive producers are Kevin Frakes of PalmStar Media Capital and Raj Brinder Singh of Merced Media Partners.
Ultra is set to begin shooting in April 2014.
Stewart (Gersh, McKuin Frankel) has been working in the indie world since finishing the Twilight movies and Snow White and the Huntsman, having recently wrapped Camp X-Ray and Sils Maria.
Eisenberg (CAA, Felker Toczek) was one of the stars in Now You See Me, Summit's hit heist movie that now has a sequel in the works. He also has indie dramas The Double and Night Moves in the can.
The two starred opposite each other in 2009's Adventureland.
Landis, whose Chronicle grossed more than $126 million worldwide on a budget of $12 million, is repped by WME, Circle of Confusion, and Behr & Abramson. Nourizadeh, whose comedy Project X had a similar budget and grossed $102 million worldwide, is repped by CAA.
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