Stone Energy (SGY) Closes One-for-Ten Reverse Stock Split
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Stone Energy Corporation (NYSE: SGY) announced that at the close of business on June 10, 2016, it effected a 1-for-10 reverse stock split. Every 10 shares of Stone's issued and outstanding common stock were automatically converted into one share of common stock. Stone's common stock will begin trading on a split-adjusted basis when the market opens on June 13, 2016.
Pursuant to the reverse stock split, every 10 shares of Stone's issued and outstanding common stock (and such shares held in treasury) were automatically converted into one share of common stock. No fractional shares will be issued if, as a result of the reverse stock split, a stockholder would otherwise have been entitled to a fractional share. Instead, each stockholder is entitled to receive a cash payment equal to the fraction of which such holder would otherwise have been entitled multiplied by the closing price per share on June 10, 2016. Following the reverse stock split, the number of outstanding shares of Stone's common stock was reduced by a factor of ten. The number of authorized shares of common stock has also been proportionately decreased. The overall and per person share limitations in Stone's 2009 Amended and Restated Stock Incentive Plan, as amended from time to time, and outstanding awards thereunder were also proportionately adjusted to reflect the reverse stock split.
Stone's shares of common stock will continue to trade on the New York Stock Exchange ("NYSE") under the symbol "SGY" but will trade under the new CUSIP number 861642304. The reverse stock split was intended to increase the market price per share of Stone's common stock in order to comply with the NYSE continued listing standards relating to minimum price per share. The reverse stock split will not cure Stone's non-compliance with the NYSE average global market capitalization.
Computershare Trust Company, N.A., Stone's transfer agent, is acting as the exchange agent for the reverse stock split. Please contact Computershare Trust Company, N.A. for further information at (800) 962-4284.
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