Finance & Investing | Financial Trouble | Capital Markets
PetroQuest Plans Reverse Stock Split to Bolster Share Price
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PetroQuest Energy, Inc. reported that it will effect a reverse stock split at a ratio of one share of newly issued common stock for each four shares of issued and outstanding common stock.
The purpose of the Reverse Split is to attempt to increase the per share trading price of the Company's common stock in order to regain compliance with the NYSE's continued listing standards. The Company anticipates that the Reverse Split will be effective at 5:00 p.m. Eastern Time on May 18, 2016, and that its common stock will commence trading on a split-adjusted basis as of the open of trading on May 19, 2016.
The Company's stockholders approved a proposal on May 18, 2016 at the Company's 2016 annual meeting of stockholders giving the Board of Directors of the Company (the "Board") authority to…
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