Energy camp housing provider Civeo Corporation announced its Board of Directors approved a 1-for-12 reverse share split of the company’s common shares.
Civeo, a company with headquarters in Houston and Canada had operations in Oklahoma’s oil and gas fields as well as other states in the U.S.
The firm announced the reverse stock split will be effective Nov. 19, 2020 and the common shares will begin trading on a split-adjusted basis at the marketing opening the next day.
When the reverse share split becomes effective, each twelve issued and outstanding Common Shares will be automatically converted into one Common Share , which also will have the effect of reducing the total number of outstanding Common Shares from 170,582,021 to 14,215,168.
As a result of the reverse split, the conversion price for the company’s outstanding Class A Series 1 preferred shares will be automatically increased to $39.60 per preferred share (previously it was $3.30 per preferred share).
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