The studio acquired the project a month before shooting starts in New Orleans with “Project X” director Nima Nourizadeh helming from a script by Max Landis.
Eisenberg will portray a stoner and Stewart will play his girlfriend in a small town. His life takes an unexpected turn when his past comes back to haunt him and he becomes the target of a government operation to wipe him out.
The project was announced in November, where FilmNation launched foreign sales. CAA is repping U.S. rights.
“Ultra” will re-team Stewart and Eisenberg five years after they starred in Greg Mottola’s “Adventureland.”
“Ultra” producers are Anthony Bregman for Likely Story, and David Alpert and Britton Rizzio for Circle of Confusion. Exec producers are Kevin Frakes of PalmStar Media Capital and Raj Brinder Singh of Merced Media Partners.
Stewart starred in three films in 2012 — the final “Twilight” movie, “On the Road” and “Snow White and the Huntsman” — and toplined military drama “Camp X-Ray,” which premiered in January at Sundance. Eisenberg starred last summer in “Now You See Me” and will portray Lex Luthor in Warner Bros.’ upcoming Superman-Batman tentpole.
The Lionsgate news was first reported by Deadline.com.