HOUSTON, July 18, 2017 /PRNewswire/ -- Hyperdynamics
Corporation (OTCQX: HDYN) ("the Company") reminds owners of its
Common Stock to submit their vote on a Company proposal that would
authorize its Board of Directors at its discretion to implement a
reverse stock split. Proxy Statements and Consent Forms have been
mailed and should now be available for all shareholders to review.
Votes must be received by July
26.
Shareholders of record as of July 7,
2017 are entitled to vote. Shareholders may vote online, by
telephone, fax or by return email. Visit the Investor Relations
section of Hyperdynamics' website at www.hyperdynamics.com for
instructions on how to vote using each method.
The proposal would amend Hyperdynamics' Certificate of
Incorporation to allow for a reverse stock split at a ratio within
a range of one-for-two and one-for-six at the discretion of the
Board.
As described in the Company's Proxy Statement filed with the
U.S. Securities and Exchange Commission on July 11, 2017, the purpose of the proposal is to
enable Hyperdynamics to meet the required standards to list its
Common Stock on a national securities exchange and would only be
used if the required standards are not met on its own accord. Our
Common Stock is currently traded on the OTC Markets OTCQX
marketplace, which is a relatively thinly traded market and lacks
the liquidity than may be provided by a stock exchange such as The
Nasdaq Capital Market.
In order to list our Common Stock on the Nasdaq Capital Market,
among other requirements, our Common Stock must maintain a minimum
closing bid price of $4.00. Our Board
concluded that the liquidity and marketability of our Common Stock
may be adversely affected if it is not quoted on a national
securities exchange, as investors can find it more difficult to
dispose of or to obtain accurate quotations as to the market value
of our Common Stock while traded on the OTCQX marketplace.
About Hyperdynamics
Hyperdynamics is an emerging independent oil and gas exploration
company that is exploring for oil and gas offshore the Republic of
Guinea in West Africa. To find out more, visit our
website at www.hyperdynamics.com.
Forward Looking Statements
This News Release contains "forward-looking statements" within
the meaning of Section 27 A of the Securities Act of 1933, as
amended, and Section 21 E of the Securities Exchange Act of 1934,
as amended. Forward-looking statements include statements
concerning plans, objectives, goals, strategies, expectations,
future events or performance and underlying assumptions and other
statements which are other than statements of historical facts.
Forward-looking statements generally can be identified by the use
of forward-looking terminology such as "may," " will," "expect,"
"plan," "project," "anticipate," "estimate," "believe," or "
think." Forward-looking statements involve risks and uncertainties
which could cause actual results or outcomes to differ materially
from those expressed in the forward-looking statements. We assume
no duty to update or revise our forward-looking statements based on
changes in plans or expectations or otherwise.
Contacts:
Ray Leonard
President and Chief Executive Officer
713-353-9445
Anne Pearson / Jack Lascar
Dennard-Lascar Associates
713-529-6600
View original
content:http://www.prnewswire.com/news-releases/hyperdynamics-reminds-shareholders-to-vote-their-proxies-on-reverse-stock-split-proposal-300489273.html
SOURCE Hyperdynamics