Finance & Investing | Debt | Hedging | Financial Trouble | Capital Markets | Drilling Program-Rig Count | 2020 Guidance
Callon Plans Reverse Stock Split; Cuts More Rigs, Frac Crews for 2020
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Callon Petroleum Co. has reported several developments including updates to its 2020 rigs/frac crews, executive salary cuts and updated hedges.
The company also announced it received notice that it is out of NYSE compliance, and is thus prepping to initiate a reverse stock split.
Reverse Stock SplitCallon is out of NYSE compliance due to its stock falling below $1.00 per share over a period of 30 consecutive trading days.
To regain compliance, Callon intends to put forth a proposal for a reverse stock split at its annual shareholder meeting.
Callon has currently logged over $3.0 billion in debt - at the beginning of April 2020, the company had hired debt advisors to aid in developing a strategy to address the issue.
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