Northern Oil and Gas, Inc. Announces 1-for-10 Reverse Stock Split
September 02 2020 - 7:00AM
Business Wire
Northern Oil and Gas, Inc. (NYSE American: NOG) (“Northern” or
the “Company”) today announced a 1-for-10 reverse split of its
common stock. Beginning on September 21, 2020, the Company’s common
stock will trade on the NYSE American on a split-adjusted
basis.
At the Company’s special meeting of stockholders on August 17,
2020, the Company’s stockholders authorized the Board of Directors
to effect the reverse stock split, with 95% of the shares that
voted approving the reverse stock split.
When the reverse stock split becomes effective, the number of
authorized shares of the Company’s common stock will decrease to
135.0 million, while the number of issued and outstanding shares
will be reduced from approximately 436.4 million to approximately
43.6 million (based on shares outstanding as of August 31, 2020).
No fractional shares will be issued following the reverse stock
split. In lieu of any fractional shares, any holder of less than
one share of common stock will be entitled to receive cash for such
holder’s fractional share. The reverse stock split will not impact
the authorized number of shares of preferred stock of the
Company.
The Company’s common stock will continue to trade on the NYSE
American under the symbol “NOG.” The new CUSIP number for the
common stock following the reverse stock split is 665531 307.
Registered stockholders holding all of their shares of common
stock electronically in book-entry form do not need to take any
action in connection with the reverse stock split. For those
stockholders holding physical stock certificates, the Company’s
transfer agent, EQ Shareowner Services, will send instructions
offering holders the option to surrender such stockholders’ current
certificates. Any stockholders that submit their certificates
representing pre-split shares of common stock will have the option
to (i) receive a stock certificate representing their post-split
shares of common stock or (ii) have their post-split shares held
electronically in book entry form.
Additional information about the reverse stock split can be
found in the Company’s definitive proxy statement filed with the
Securities and Exchange Commission on July 8, 2020, a copy of which
is also available at www.sec.gov or at www.northernoil.com under
the SEC Filings tab located on the Investors page.
ABOUT NORTHERN OIL AND GAS
Northern Oil and Gas, Inc. is a company with a primary strategy
of investing in non-operated minority working and mineral interests
in oil & gas properties, with a core area of focus in the
Williston Basin Bakken and Three Forks play in North Dakota and
Montana. More information about Northern Oil and Gas, Inc. can be
found at www.northernoil.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20200902005268/en/
Mike Kelly, CFA EVP Finance 952-476-9800
mkelly@northernoil.com
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