TEN Ltd. Announces Reverse Stock Split to be Effective July 1, 2020
June 22 2020 - 4:05PM
TEN Ltd. (the “Company” or “TEN”) (NYSE: TNP) today announced
a one-for-five (1-for-5) reverse share split of the Company’s
common shares. The Company’s shareholders approved the
reverse share split at the Company’s annual meeting of shareholders
held on May 28, 2020.
The reverse share split will take effect, and
the Company’s common shares will begin trading on a split-adjusted
basis on the New York Stock Exchange (“NYSE”), as of the opening of
trading on or about July 1, 2020. The CUSIP number of
G9108L173 will be assigned to the Company’s common shares when the
reverse share split becomes effective.
When the reverse share split becomes effective,
every five (5) of the Company’s common shares will be combined into
one common share, with a corresponding increase in the par value
per share to $5.00 per share. This will reduce the number of
authorized common shares from 175 million to 35 million and the
number of outstanding common shares from approximately 95 million
common shares to approximately 19 million common shares.
No fractional shares will be issued in
connection with the reverse share split. Shareholders who
would otherwise hold a fraction of a share of a common share of the
Company will receive a cash payment in lieu thereof at a price
equal to that fraction of a share to which the shareholder would
otherwise be entitled, multiplied by the closing price of the
Company’s common shares on the NYSE on June 30, 2020 (as adjusted
for the reverse split).
Shareholders holding physical share certificates
for common shares will receive instructions from Computershare
Trust Company, LLC, the Company’s exchange agent, regarding the
process for exchanging their shares. Shareholders with shares
held in book-entry form or through a bank, broker, or other nominee
are not required to take any action and will see the consequence of
the reverse share split reflected in their accounts on or after
July 1, 2020. Beneficial holders may contact their bank,
broker, or nominee for more information.
The purpose for seeking shareholder approval to
effect the reverse share split was to increase the market price of
the Company’s common shares. The Company believes that the
increased market price for its common shares that is expected as a
result of implementing the reverse share split will improve the
marketability and liquidity of the Company’s common shares and will
encourage interest and trading in the Company’s common shares.
Additional information about the reverse share
split can be found in the Company’s proxy statement mailed to
shareholders on or about April 22, 2020, as supplemented on May 6,
2020, copies of which were furnished to the U.S. Securities and
Exchange Commission (the “Commission”) on April 23, 2020 and May 7,
2020, respectively, on the Company’s respective Reports on Form 6-K
and is available on the Commission’s website at www.sec.gov.
ABOUT TSAKOS ENERGY
NAVIGATIONTEN, founded in 1993 and celebrating this year
27 years as a public company, is one of the first and most
established public shipping companies in the world. TEN’s
diversified energy fleet currently consists of 68 double-hull
vessels, including two suezmax tankers and one LNG carrier under
construction, constituting a mix of crude tankers, product tankers
and LNG carriers, totalling 7.6 million dwt.
ABOUT FORWARD-LOOKING
STATEMENTS Except for the historical information contained
herein, the matters discussed in this press release are
forward-looking statements that involve risks and uncertainties
that could cause actual results to differ materially from those
predicted by such forward-looking statements. TEN undertakes no
obligation to publicly update any forward-looking statement,
whether as a result of new information, future events, or
otherwise.
For further information, please
contact :
CompanyTsakos Energy Navigation
Ltd.George Saroglou COO+30210 94 07 710gsaroglou@tenn.gr
Investor Relations / Media
Capital Link, Inc. Nicolas BornozisMarkella Kara +212 661
7566ten@capitallink.com
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