Oil and gas company Hyperdynamics Corp. (HDY: Quote) said Friday its Board has approved a 1-for-8 reverse stock split of its common stock that will take effect from July 1.
Hyperdynamics' common stock is scheduled to begin trading on a split-adjusted basis on the New York Stock Exchange when the market opens on July 1, under its existing ticker symbol, HDY, and under the new CUSIP number 448954 206.
When the reverse stock split becomes effective, every eight shares of issued and outstanding HDY common stock will be automatically consolidated into one issued and outstanding share, with no change in the par value per share. This will reduce the number of outstanding common shares of Hyperdynamics from about 168.4 million to nearly 21.1 million.
Proportionate voting rights and other rights of common stockholders will not be affected by the reverse stock split, other than as a result of the cashing out of fractional shares. Stockholders who would otherwise hold a fractional share of common stock will receive a cash payment in lieu of a fractional share.
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by RTT Staff Writer
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