Laredo Petroleum Announces 1-For-20 Reverse Stock Split
May 14 2020 - 4:30PM
Laredo Petroleum, Inc. (NYSE: LPI) ("Laredo" or "the Company"),
today announced that at the Company's Annual Meeting, its
stockholders voted to approve a proposal authorizing the Company,
at the discretion of the Board of Directors, to effect (i) a
reverse stock split of the Company's common stock at a ratio
ranging from 1-for-5 to 1-for-20 of shares currently outstanding
and (ii) a corresponding reduction in the number of authorized
shares of the Company's common stock.
Following the Company's Annual Meeting, the Board of Directors
approved a 1-for-20 reverse stock split ratio. The reverse stock
split is expected to become effective on or about June 1, 2020. If
completed, the Company's stockholders will receive one new share of
Laredo common stock for every 20 shares of Laredo common stock held
prior to the effective date. Stockholders will receive cash in lieu
of any fractional shares. If completed, the Company's common stock
will begin trading on a split-adjusted basis on the New York Stock
Exchange ("NYSE") at the market open the day following the
effective date.
The reverse stock split is intended to increase the market price
of the Company's common stock in order to regain compliance with
the NYSE's continued listing standards. Once effective, the number
of authorized shares of the Company's common stock will decrease
from 450,000,000 to 22,500,000.
About Laredo
Laredo Petroleum, Inc. is an independent energy company with
headquarters in Tulsa, Oklahoma. Laredo's business strategy is
focused on the acquisition, exploration and development of oil and
natural gas properties, primarily in the Permian Basin of West
Texas.
Additional information about Laredo may be found on its website
at www.laredopetro.com.
Forward-Looking Statements
This press release and any oral statements made regarding the
subject of this release contain forward-looking statements as
defined under Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. All statements, other than statements of historical facts,
that address activities that Laredo assumes, plans, expects,
believes, intends, projects, indicates, enables, transforms,
estimates or anticipates (and other similar expressions) will,
should or may occur in the future are forward-looking statements.
The forward-looking statements are based on management’s current
belief, based on currently available information, as to the outcome
and timing of future events. Such statements are not guarantees of
future performance and involve risks, assumptions and
uncertainties, including, but not limited to, the timing of the
reverse stock split, a determination by the Company’s Board of
Directors not to promptly implement or to abandon the proposed
reverse stock split in its discretion, the potential benefits of a
reverse stock split, including but not limited to continued listing
on the New York Stock Exchange, the potential for a higher stock
price, the possibility that the reverse stock split may not have
its intended effects and that factors unrelated to the reverse
stock split may impact the per share trading price of our common
stock.
General risks relating to Laredo include, but are not limited
to, the decline in prices of oil, natural gas liquids and natural
gas and the related impact to financial statements as a result of
asset impairments and revisions to reserve estimates, oil
production quotas or other actions that might be imposed by the
Organization of Petroleum Exporting Countries and other producing
countries ("OPEC+"), the outbreak of disease, such as the
coronavirus ("COVID-19") pandemic, and any related government
policies and actions, changes in domestic and global production,
supply and demand for commodities, including as a result of the
COVID-19 pandemic and actions by OPEC+, long-term performance of
wells, drilling and operating risks, the increase in service and
supply costs, tariffs on steel, pipeline transportation and storage
constraints in the Permian Basin, production curtailment, hedging
activities, possible impacts of litigation and regulations, the
impact of repurchases, if any, of securities from time to time, the
impact of a reverse stock split, if any, and other factors,
including those and other risks described in its Annual Report on
Form 10-K for the year ended December 31, 2019, and those set forth
from time to time in other filings with the Securities and Exchange
Commission ("SEC"). These documents are available through Laredo's
website at www.laredopetro.com under the tab "Investor Relations"
or through the SEC's Electronic Data Gathering and Analysis
Retrieval System at www.sec.gov. Any of these factors could cause
Laredo's actual results and plans to differ materially from those
in the forward-looking statements. Therefore, Laredo can give no
assurance that its future results will be as estimated. Laredo does
not intend to, and disclaims any obligation to, update or revise
any forward-looking statement. Any forward-looking statement speaks
only as of the date on which such statement is made and the Company
undertakes no obligation to correct or update any forward-looking
statement, whether as a result of new information, future events or
otherwise, except as required by applicable law.
Contact:Ron Hagood: (918) 858-5504 -
RHagood@laredopetro.com
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