Superior Energy Services, Inc.
Extract: Charter Amendment (Plain English Desc) from a 8-K on 12/18/2019   Download
SEC Document
SEC Filing

Following the Special Meeting, the Company’s Board of Directors determined to effect the Reverse Stock Split of Common Stock at a ratio of 1-for-10. In addition, and at the same time, the total number of shares of Common Stock the Company is authorized to issue changed from 250,000,000 shares to 25,000,000 shares. The Company filed the Certificate of Amendment with the Secretary of State of the State of Delaware, which became effective at 5:00 p.m. Eastern Time on December 18, 2019.

Upon the effectiveness of the Reverse Stock Split, every ten shares of the Company’s issued and outstanding Common Stock will be automatically combined and converted into one issued and outstanding share of Common Stock. No fractional shares of Common Stock will be issued as a result of the Reverse Stock Split. Instead, any stockholder who would have been entitled to receive a fractional share(s) will receive cash payments in lieu of such fractional shares. The Reverse Stock Split will not affect any stockholder’s ownership’s percentage of Common Stock, except to the extent that the Reverse Stock Split results in stockholders receiving cash in lieu of fractional shares.