Correction to Press Releases Announcing Team, Inc. One-For-Ten Reverse Stock Split and Completion of One-For-Ten Reverse Stock Split
December 22 2022 - 8:44AM
Team, Inc. (NYSE: TISI) (“TEAM” or the “Company”),
a global leading provider of integrated, digitally-enabled asset
performance assurance and optimization solutions, today announced a
correction of its prior press releases “Team, Inc. Announces
One-For-Ten Reverse Stock Split” issued on December 9, 2022, and
its later press release “Team, Inc. Completes One-For-Ten Reverse
Stock Split” issued on December 21, 2022. Each press
release incorrectly stated that each stockholder that otherwise
would receive fractional shares would receive, in lieu of such
fractional shares, cash in an amount determined on the basis of the
closing price of the Common Stock on the NYSE on December 21, 2022.
However, as approved by the Company’s stockholders on November 8,
2022 and consistent with the Certificate of Amendment to the
Amended and Restated Certificate of Incorporation of the Company
filed with the Delaware Secretary of State on December 21, 2022,
each stockholder that otherwise would receive fractional shares
will receive, in lieu of such fractional shares, cash in an amount
equal to the proceeds attributable to the sale of such fractional
interest following the aggregation and sale by Team’s transfer
agent of all fractional shares otherwise issuable.
Other than this correction to each press
release, there are no other changes to the press releases.
About Team, Inc.
Headquartered in Sugar Land, Texas, Team Inc.
(NYSE: TISI) is a global leading provider of integrated,
digitally-enabled asset performance assurance and optimization
solutions. We deploy conventional to highly specialized inspection,
condition assessment, maintenance and repair services that result
in greater safety, reliability and operational efficiency for our
client’s most critical assets. Through locations in more than 20
countries, we unite the delivery of technological innovation with
over a century of progressive, yet proven integrity and reliability
management expertise to fuel a better tomorrow. For more
information, please visit www.teaminc.com.
Forward Looking Statements
Certain forward-looking information contained
herein is being provided in accordance with the provisions of the
Private Securities Litigation Reform Act of 1995. The Company has
made reasonable efforts to ensure that the information,
assumptions, and beliefs upon which this forward-looking
information is based are current, reasonable, and complete.
However, such forward-looking statements involve estimates,
assumptions, judgments, and uncertainties. All statements other
than statements of historical or current fact included in this
report are forward-looking statements, including but not limited
to, the Company’s expectations relating to the Reverse Stock Split
and its plans to regain NYSE compliance. Many factors could cause
actual results or outcomes to differ materially from those
addressed in the forward-looking information. Although it is not
possible to identify all of these factors, they include, among
others, the impact of negative market conditions, including
inflation, foreign exchange rate fluctuations, volatility in the
financial and credit markets, and future economic uncertainties,
particularly in industries in which we are heavily dependent; the
impact of the ongoing conflict in Ukraine; the duration and
magnitude of accidents, extreme weather, natural disasters, and
public health crises (such as COVID-19) and related economic
effects; the Company’s liquidity and ability to obtain additional
financing; the Company’s ability to execute on its cost management
actions, the impact of new or changes to existing governmental laws
and regulations and their application, including tariffs
requirements; the outcome of tax examinations, changes in tax laws,
and other tax matters; foreign currency exchange rate and interest
rate fluctuations; the Company’s ability to successfully divest
assets on terms that are favorable to the Company; the Company’s
ability to repay, refinance or restructure its debt and the debt of
certain of its subsidiaries; anticipated or expected purchases or
sales of assets; the Company’s continued listing on the New York
Stock Exchange; and such known factors as are detailed in the
Company’s Annual Report on Form 10-K, Quarterly Reports on Form
10-Q and Current Reports on Form 8-K, each as filed with the
Securities and Exchange Commission, and in other reports filed by
the Company with the Securities and Exchange Commission from time
to time. Accordingly, there can be no assurance that the
forward-looking information contained herein, including statement
regarding the Company’s financial prospects and the implementation
of cost saving measures, will occur or that objectives will be
achieved and actual results may differ materially from those that
are expected. We assume no obligation to publicly update or revise
any forward-looking statements made today or any other
forward-looking statements made by the Company, whether as a result
of new information, future events or otherwise, except as may be
required by law.
Contact:Nelson HaightExecutive Vice President,
Chief Financial Officer(281) 388-5521
Team (NYSE:TISI)
Historical Stock Chart
From Mar 2024 to Apr 2024
Team (NYSE:TISI)
Historical Stock Chart
From Apr 2023 to Apr 2024