Hyperdynamics (HDY) Board Approves One-for-Eight Reverse Split

June 28, 2013 1:57 PM EDT
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Hyperdynamics Corporation (NYSE: HDY) announced today that its Board of Directors has approved a 1-for-8 reverse stock split of its common stock that will take effect with the beginning of trading on July 1, 2013.

Hyperdynamics' common stock is scheduled to begin trading on a split-adjusted basis on the New York Stock Exchange when the market opens on July 1, 2013 under its existing ticker symbol, HDY, and under the new CUSIP number 448954 206. When the reverse stock split becomes effective, every eight shares of issued and outstanding HDY common stock will be automatically consolidated into one issued and outstanding share, with no change in the par value per share. This will reduce the number of outstanding common shares of Hyperdynamics from approximately 168.4 million to approximately 21.1 million.

The reverse stock split was previously approved by stockholders at the 2013 Annual Meeting held on June 25, 2013, and the Company subsequently filed a Certificate of Amendment to its Certificate of Incorporation to effect the split.

Proportionate voting rights and other rights of common stockholders will not be affected by the reverse stock split, other than as a result of the cashing out of fractional shares. Stockholders who would otherwise hold a fractional share of common stock will receive a cash payment in lieu of a fractional share.

Registered stockholders of Hyperdynamics who hold physical stock certificates will receive a letter of transmittal from the Company's transfer agent, American Stock Transfer & Trust Company, LLC, with instructions on how to receive new share certificates. Stockholders owning shares via a broker or other nominee will have their positions automatically adjusted to reflect the reverse stock split, subject to brokers' particular processes, and will not be required to take any action in connection with the reverse stock split.

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