HAMILTON, Bermuda, April 20, 2020 /PRNewswire/ -- Nabors Industries
Ltd. (NYSE: NBR) ("Nabors") announced today that all proposals
presented at its special meeting held on Monday, April 20, 2020 were approved, including:
(i) an amendment to Nabors' share capital to effect a reverse stock
split of its common shares at a ratio not less than 1-for-15 and
not greater than 1-for-50, with the exact ratio to be set within
that range at the sole discretion of Nabors' Board of Directors
before the effective date of the reverse stock split without
further approval or authorization of Nabors' shareholders, together
with a corresponding proportional reduction in the number of
authorized common shares and a proportional increase in the par
value for such authorized common shares (ii) an increase in Nabors'
authorized common share capital by 100% following the proportional
reduction in the number of authorized common shares as a result of
the reverse stock split and (iii) an amendment to Nabors' Bye-Laws
in respect of its share capital.
In addition, Nabors announced today that its Board of Directors
has approved a reverse stock split ratio of its common shares of
1-for-50 that will be effective as of 5:00
p.m. Eastern Time on April 22,
2020. Nabors' common shares will begin trading on the New
York Stock Exchange on a split-adjusted basis when the market opens
on April 23, 2020. The new CUSIP
number for Nabors' common shares following the reverse stock split
will be G6359F 137.
The reverse stock split will result in 50 pre-split common
shares automatically combining into one new common share, without
any action on the part of the shareholders. Nabors' authorized
number of common shares will also be proportionally decreased from
800,000,000 to 16,000,000 common shares and the par value of each
common share will be proportionally increased from $0.001 to $0.05. In
addition, Nabors' authorized common share capital will increase by
100% following the proportional reduction in the number of
authorized common shares as a result of the reverse stock split. No
fractional common shares will be issued as a result of the reverse
stock split. Any fractional common shares of registered holders
resulting from the reverse stock split will be rounded up to the
nearest whole share.
The reverse stock split will not impact any shareholder's
percentage ownership of Nabors or voting power, except for minimal
effects resulting from the treatment of resultant fractional shares
of beneficial holders.
Nabors' transfer agent, Computershare, is acting as the exchange
agent for the reverse stock split.
The information above includes forward-looking statements within
the meaning of the Securities Act and the Securities Exchange Act
of 1934, as amended. Such forward-looking statements are subject to
certain risks and uncertainties, as disclosed by Nabors from time
to time in its filings with the SEC. As a result of these factors,
Nabors' actual results may differ materially from those indicated
or implied by such forward-looking statements. Nabors does not
undertake to update these forward-looking statements.
About Nabors Industries
Nabors (NYSE: NBR) owns and operates one of the world's largest
land-based drilling rig fleets and provides offshore platform rigs
in the United States and numerous
international markets. Nabors also provides directional drilling
services, performance tools, and innovative technologies for its
own rig fleet and those of third parties. Leveraging our advanced
drilling automation capabilities, Nabors highly skilled workforce
continues to set new standards for operational excellence and
transform our industry.
Media Contacts:
For further information regarding Nabors, please contact
Dennis A. Smith, Senior Vice
President of Corporate Development & Investor Relations, +1
281-775-8038 or William C. Conroy,
Vice President of Corporate Development & Investor Relations,
+1 281-775-2423. To request investor materials, contact
Nabors' corporate headquarters in Hamilton, Bermuda at +1 441-292-1510 or via
e-mail mark.andrews@nabors.com.
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SOURCE Nabors Industries Ltd.