Teekay Tankers Ltd. Completes Previously Announced Reverse Stock Split
November 25 2019 - 6:59AM
Teekay Tankers Ltd. (Teekay Tankers or the Company) (NYSE: TNK)
today announced that it has effected its previously-announced
one-for-eight reverse stock split of the Company's Class A common
shares, par value $0.01 per share, and Class B common shares, par
value $0.01 per share (the Reverse Stock Split). The Company's
Class A common shares will begin trading on a split-adjusted basis
on the New York Stock Exchange (NYSE), as of the opening of trading
on November 25, 2019. The Company’s Class A common shares will
continue to trade on the NYSE under the symbol “TNK” but have been
assigned a new CUSIP number, Y8565N 300.
The Company believes that the increased market
price for its Class A common shares will improve the marketability
of Teekay Tankers’ Class A common shares to a broader base of
potential investors.
Pursuant to the Reverse Stock Split, every eight
shares of the Company's issued and outstanding Class A common
shares were combined into one Class A common share and every eight
shares of the Company's issued and outstanding Class B common
shares were combined into one Class B common share, in each case,
without any change to the par value per share. This reduced the
number of the Company’s outstanding Class A and Class B common
shares from approximately 232.0 million and 37.0 million to
approximately 29.0 million and 4.6 million, respectively.
No fractional shares will be issued if, as a
result of the Reverse Stock Split, a shareholder would otherwise
have been entitled to a fractional share. Instead, each shareholder
is entitled to receive a cash payment amount equal to the number of
common shares held by the shareholder that would otherwise have
been exchanged for the fractional share interest multiplied by the
closing price of the Company's Class A common shares on the NYSE on
November 22, 2019. Shareholders with shares held in book-entry form
or through a bank, broker, or other nominee are not required to
take any action and will see the impact of the reverse stock split
reflected in their accounts on or after November 25, 2019. Such
beneficial holders may contact their bank, broker, or nominee for
more information.
About Teekay Tankers
Teekay Tankers currently owns a fleet of 56
double-hull tankers (including 30 Suezmax tankers, 17 Aframax
tankers and nine LR2 product tankers), has six time-chartered-in
tankers, and has interests in five ship-to-ship support vessels.
Teekay Tankers also owns a Very Large Crude Carrier (VLCC) through
a 50 percent-owned joint venture. Teekay Tankers’ vessels are
typically employed through a mix of short- or medium-term
fixed-rate time charter contracts and spot tanker market trading.
In addition, Teekay Tankers owns a ship-to-ship transfer business.
Teekay Tankers was formed in December 2007 by Teekay Corporation as
part of its strategy to expand its conventional oil tanker
business.
For Investor Relationsenquiries
contact:
Ryan HamiltonTel: +1 (604) 609-2963Website:
www.teekay.com
Forward Looking Statements
This release contains forward-looking statements
(as defined in Section 21E of the Securities Exchange Act of 1934,
as amended) which reflect management’s current views with respect
to certain future events and performance, including the expected
timing of when the Company’s Class A common shares will begin
trading on a split-adjusted basis on the NYSE, the expected
increase in the market price of the Company’s Class A common shares
as a result of the Reverse Stock Split and the expected improvement
in the marketability of such shares as a result of their increased
market price. The forward-looking statements involve risks and
uncertainties that should be considered in evaluating any such
statement. Among the factors that may cause actual results to
differ materially from the forward-looking statements are those
factors discussed in Teekay Tankers’ filings from time to time with
the United States Securities and Exchange Commission, including its
Annual Report on Form 20-F for the fiscal year ended December 31,
2018. Teekay Tankers expressly disclaims any obligation or
undertaking to release publicly any updates or revisions to any
forward-looking statements contained herein to reflect any change
in Teekay Tankers’ expectations with respect thereto or any change
in events, conditions or circumstances on which any such statement
is based.
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