Vital Energy, Inc. announced a plan to convert some of its Series A Preferred stock into common stock in the Oklahoma City company.
The announcement pertained to all outstanding shares of Vital’s 2.0% Cumulative Mandatorily Convertible Series A Preferred Stock,par value $0.01 per share. They will be onverted into shares of the firm’s common stock, part value $0.01 per share on June 4 of this year.
As of May 28, 2024, the Company had 1,575,376 shares of Series A Preferred Stock outstanding.
On June 4, 2024, each outstanding share of Series A Preferred Stock will automatically convert into one (1) share of common stock. The number of shares of common stock issuable on conversion was determined as set forth in the Certificate of Designations.
Upon conversion, the Series A Preferred Stock will no longer be outstanding and all rights with respect to the Series A Preferred Stock will cease and terminate following receipt of the number of shares of common stock issuable upon conversion of the Series A Preferred Stock.
Source: SEC filing