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Northern Oil & Gas IDs Plan for Reverse-Stock Split
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Northern Oil and Gas, Inc. plans to undertake a reverse stock split of Northern's common stock at a ratio ranging from any whole number between 1-for-6 to 1-for-10.
The company also plans a reduction in the number of authorized shares of Northern's common stock based on the reverse stock split ratio that is selected (see chart below).
Northern will hold a special meeting of stockholders in the third quarter of 2020 to seek approval of proposals to authorize the reverse stock split and authorized share reduction.
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Number of Shares |
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Ratio |
Common Stock Authorized |
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1:6 |
225,000,000 |
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1:7 |
192,857,143 |
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1:8 |
168,750,000 |
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1:9 |
150,000,000 |
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1:10 |
135,000,000 |
When the reverse stock split becomes effective, each number of shares between six to ten (depending on the reverse stock split ratio selected by Northern's Board of Directors) shares of Northern's common stock will automatically be converted into one share of common stock. Northern does not anticipate issuing fractional shares as a result of the reverse stock split; stockholders entitled to receive fractional shares as a result of the reverse stock split will receive cash payments in lieu of such shares.
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