Civeo Corporation Announces 1-for-12 Reverse Share Split
November 09 2020 - 4:30PM
Business Wire
Civeo Corporation (NYSE:CVEO) (the “Company” or “Civeo”)
announced today that its Board of Directors has approved the
implementation of a 1-for-12 reverse share split of the Company’s
common shares (the “Common Shares”). The Company’s shareholders
previously approved a proposal authorizing the Board of Directors
to implement the reverse share split at the 2020 annual meeting.
The 1-for-12 reverse share split will be effective as of 5:00 p.m.
Eastern Time on November 19, 2020, and the Company’s Common Shares
will begin trading on a split-adjusted basis at the market opening
on November 20, 2020. Civeo’s Common Shares will continue to trade
on the NYSE under the symbol “CVEO.”
When the reverse share split becomes effective, each twelve
issued and outstanding Common Shares will be automatically
converted into one Common Share (the “Reverse Split”), which also
will have the effect of reducing the total number of outstanding
Common Shares from 170,582,021 to 14,215,168. In connection with
the Reverse Split, the Company also will amend its notice of
articles to reduce the total number of authorized Common Shares
from 550,000,000 to 46,000,000.
Civeo will not issue any fractional shares in connection with
the Reverse Split. In lieu of any fractional share, the aggregate
number of common shares that a holder is entitled to will be, if
the fraction is less than half a common share, rounded down to the
next closest whole number of common shares, and if the fraction is
at least half of a common share, rounded up to one whole common
share.
Neither the Reverse Split nor the amendment to the Company’s
notice of articles will affect the number of authorized or issued
and outstanding shares of the Company’s preferred shares. As a
result of the Reverse Split, the conversion price for the Company’s
outstanding Class A Series 1 preferred shares will be automatically
increased to $39.60 per preferred share (previously it was $3.30
per preferred share).
Civeo has retained Computershare as its transfer agent to manage
the exchange of the pre-split shares for new, post-split shares.
Computershare can be contacted toll free at 1-800-564-6253. Outside
the U.S. and Canada, please call 1-514-982-7555. Email inquiries to
corporateactions@computershare.com
About Civeo
Civeo Corporation is a leading provider of hospitality services
with prominent market positions in the Canadian oil sands and the
Australian natural resource regions. Civeo offers comprehensive
solutions for lodging hundreds or thousands of workers with its
long-term and temporary accommodations and provides food services,
housekeeping, facility management, laundry, water and wastewater
treatment, power generation, communications systems, security and
logistics services. Civeo currently operates a total of 28 lodges
and villages in Canada, Australia and the U.S., with an aggregate
of approximately 30,000 rooms. Civeo is publicly traded under the
symbol CVEO on the New York Stock Exchange. For more information,
please visit Civeo's website at www.civeo.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20201109006143/en/
Carolyn J. Stone Civeo Corporation Senior Vice President &
Chief Financial Officer 713-510-2400
Jeffrey Spittel FTI Consulting 832-667-5140
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