Service & Supply | Oilfield Services | Capital Markets | Reverse Stock Split

Civeo Files 1-for-12 Reverse Stock Split

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Civeo Corp.'s Board of Directors has approved the implementation of a 1-for-12 reverse share split of the Company's common shares.

The 1-for-12 reverse share split will be effective as of 5:00 p.m. Eastern Time on November 19, 2020. Civeo's Common Shares will continue to trade on the NYSE under the symbol "CVEO."

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.

In connection with the Reverse Split, the Company also will amend its notice of articles to reduce the total number of authorized Common Shares from 550,000,000 to 46,000,000.

Civeo will not issue any fractional shares in connection with the Reverse Split. In lieu of any fractional share, the aggregate number of common shares that a holder is entitled to will be, if the fraction is less than half a common share, rounded down to the next closest whole number of common shares, and if the fraction is at least half of a common share, rounded up to one whole common share.

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).

Civeo has retained Computershare as its transfer agent to manage the exchange of the pre-split shares for new, post-split shares.