Harvest Natural Resources (HNR) Plans 1-for-4 Reverse Stock Split
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Harvest Natural Resources, Inc. (NYSE: HNR) today announced a one-for-four (1:4) reverse split of its issued and outstanding common stock. The one-for-four reverse stock split will become effective after the market closes on November 3, 2016, and Harvest's common stock will begin trading on a split-adjusted basis when the market opens on November 4, 2016. Harvest's common stock will continue to trade on the New York Stock Exchange under the trading symbol "HNR," but will trade under a new CUSIP number.
The Company's stockholders granted the Board of Directors the authority to effect the reverse stock split at the Company's annual meeting of stockholders held on September 15, 2016.
When the reverse stock split becomes effective, every four shares of Harvest's issued and outstanding common stock automatically will be converted into one share of common stock. No fractional shares will be issued. Instead, holders of record who would otherwise be entitled to a fractional share will receive one whole share. The reverse stock split will not impact any stockholder's ownership percentage of the Company or voting power, except for minimal effects resulting from the treatment of fractional shares. Following the reverse split, the number of outstanding shares of the Company's common stock will be reduced from 44,171,215 to approximately 11,042,804. Additionally, the number of authorized shares of the Company's common stock will decrease from 150,000,000 to 37,500,000.
Wells Fargo, the Company's transfer agent, will act as exchange agent for the reverse stock split.
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