HOUSTON, July 21, 2020 /PRNewswire/ -- Houston
American Energy Corp. (NYSE American: HUSA) today announced that
the Company will effect a 1-for-12.5 reverse stock
split of its common stock on July 31,
2020. The Company's common stock is expected to begin
trading on a split-adjusted basis on the NYSE American exchange at
the market open on August 3,
2020.
The reverse stock split is intended to increase the per share
trading price of the Company's common stock to satisfy
the $1.00 minimum bid price requirement for continued
listing on the NYSE American exchange. The reverse stock split was
approved by the Company's stockholders at the Company's Annual
Meeting of Stockholders held on July 17,
2020 to be affected at the Board's discretion within
approved parameters. The specific ratio was subsequently approved
by the Company's Board. As a result of the reverse stock
split, every twelve and one-half pre-split shares of common stock
outstanding will become one share of common stock. The reverse
stock split reduces the number of shares of the Company's
outstanding common stock from approximately 87 million shares to
approximately 7 million shares, subject to adjustment the rounding
of fractional shares. The reverse stock split also applies to
common stock issuable upon the exercise of the Company's
outstanding warrants, convertible preferred stock and stock
options.
No fractional shares will be issued in connection with the
reverse stock split. Stockholders who otherwise would be entitled
to receive fractional shares will receive a number of shares
rounded up to the nearest whole number. Holders of the Company's
common stock held in book-entry form or through a bank, broker or
other nominee do not need to take any action in connection with the
reverse stock split. Stockholders of record will be receiving
information from Standard Registrar and Transfer, Inc., the
Company's transfer agent, regarding their stock ownership
post-split.
The trading symbol for the Company's common stock will remain
"HUSA."
About Houston American Energy Corp.
Based in Houston, Texas,
Houston American Energy Corp. is a publicly-traded independent
energy company with interests in oil and natural gas wells,
minerals and prospects. The company's business strategy includes a
property mix of producing and non-producing assets with a focus on
the Permian Basin in Texas,
Louisiana and Colombia.
For additional information, view the company's website at
www.houstonamerican.com or contact Houston American Energy Corp. at
(713) 222-6966.
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SOURCE Houston American Energy Corp.