Tulsa-based Mid-Con Energy Partners, LP announced it plans a reverse split on its stock.
The Board of Directors approved a 1-for-10 reverse split effective after the close of markets on March 23, 2020. The announcement was made as Mid-Con Energy stock was trading at about 21 cents per unit.
The reverse split will result in a reduction of the number of units available on the market from about 31 million to nearly 3.1 million. The reverse split is intended to increase the market price per unit of the partnership’s common units to allow the partnership to maintain its listing on The NASDAQ Capital Market.
All fractional units created by the reverse unit split will be rounded to the nearest whole unit, as provided by Mid-Con’s partnership agreement. If the fraction created is less than one-half, it will be rounded down to the nearest whole unit. If the fraction is one-half or more, it will be rounded up to the nearest whole unit.
The Partnership’s transfer agent, Equiniti Trust Company, will adjust its records to reflect each unitholder’s post-split position. A new CUSIP number for the common units is expected to be issued and announced in connection with the reverse split, and the Partnership’s common units are expected to continue to trade under the symbol “MCEP” on The NASDAQ Capital Market.
Source: Mid-Con Energy announcement
