Recovery Energy, Inc. (OTCBB: RECV) on 11th October, 2011 announced One-for-Four Reverse Common Stock Split for Purpose of Qualifying for NASDAQ or NYSE Amex Listing Requirements. The Board and the Shareholders have mutually agreed for a reverse stock split at an exchange ratio of 1-for-4 with no changes in the number of authorized shares of common stock.
Recovery Energy, Inc. is a Denver-based independent oil and gas exploration and production company focused on the Denver-Julesburg (DJ) Basin where it holds 155,000 gross, 137,000 net acres. Recovery Energy’s mission statement is to grow reserves and production through a combination of acquisitions and conventional and unconventional drilling activity, targeting the various hydrocarbon bearing formations that produce in the Denver-Julesburg Basin.
Effective from 12th October, 2011, the stock will trade with a “D” next to the symbol, “RECVD” for 30 calendar days to signify the reverse stock split has occurred. Expectations to meet the listing requirements for its common shares on NASDAQ or another national exchange such as the NYSE Amex are the reasons behind the reverse stock split.
Once effective, every four shares of issued and outstanding common stock will automatically be combined into one share of issued and outstanding common stock without any change in the par value per share. Stockholders will not receive fractional post-reverse stock split shares in connection with the reverse stock split; fractional shares will be rounded up.
Shares of RECV slid 2.34% to $1.25 on Tuesday.
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