HAMILTON, Bermuda, March 18, 2020 /PRNewswire/ -- Nabors Industries
Ltd. (NYSE: NBR) ("Nabors") today announced that its Board of
Directors has approved a proposal, to be submitted to shareholders
for approval at a special general meeting of shareholders
anticipated to be held on April 13,
2020, to, among other things, effect a consolidation
(reverse stock split) of Nabors' common shares. The reverse stock
split proposal includes a proposed range between 1-for-15 and
1-for-50 common shares. The final ratio will be determined by
Nabors' Board of Directors after shareholder approval. If approved
by the shareholders, the reverse stock split is expected to become
effective on April 16, 2020, and the
shares to begin trading on the split-adjusted basis on The New York
Stock Exchange ("NYSE") under Nabors' existing trading symbol "NBR"
on April 17, 2020. Nabors' Board of
Directors anticipates the record date for shareholders entitled to
vote at the special meeting to be March 30,
2020. The reverse stock split is intended to increase the
per share trading price of Nabors' common shares to satisfy the
$1.00 minimum bid price requirement
for continued listing on the NYSE.
As a result of the reverse stock split, every 15 to 50 (as
determined by Nabors' Board of Directors) of Nabors' common shares
will automatically combine into one common share, and the number of
common shares will be reduced. Nabors' total authorized common
shares will be reduced by the reverse stock split, however the
amount of authorized common share capital will increase by 100
percent on a post-reverse stock split adjusted basis if approved by
the shareholders. The par value of each common share is expected to
increase so that a shareholder would have fewer but higher priced
shares. No fractional shares will be issued as a result of the
reverse stock split and any fractional shares will be rounded up to
the next whole number.
The reverse stock split will affect all shareholders uniformly
and will not alter any shareholder's percentage ownership interest
in Nabors (other than due to rounding up of fractional shares), or
have any impact on the voting power (subject to the treatment of
fractional shares) and other rights of shareholders or on Nabors'
business operations.
Nabors' transfer agent, Computershare Trust Company, N.A.
("Computershare"), will act as the exchange agent for the reverse
stock split and will provide to shareholders of record, all of whom
own their shares in book entry, updated statements of holding
reflecting the reverse stock split. Banks, brokers or other
nominees will be instructed by Computershare to effect the reverse
stock split for their beneficial holders holding Nabors common
shares in "street name;" however, these banks, brokers or other
nominees may apply their own specific procedures for processing the
reverse stock split.
Nabors will file a preliminary proxy statement related to the
special general meeting later today. Nabors expects to file and
mail its definitive proxy material in due course. Nabors encourages
shareholders to read the proxy statement and other material
relating to the special general meeting, as it contains important
information.
The information above includes forward-looking statements within
the meaning of the Securities Act and the Securities Exchange Act
of 1934. Such forward-looking statements are subject to certain
risks and uncertainties, as disclosed by Nabors from time to time
in its filings with the Securities and Exchange Commission. As a
result of these factors, Nabors' actual results may differ
materially from those indicated or implied by such forward-looking
statements. Nabors does not undertake to update these
forward-looking statements.
About Nabors Industries
Nabors (NYSE: NBR) owns and operates one of the world's largest
land-based drilling rig fleets and provides offshore platform rigs
in the United States and numerous
international markets. Nabors also provides directional drilling
services, performance tools, and innovative technologies for its
own rig fleet and those of third parties. Leveraging our advanced
drilling automation capabilities, Nabors highly skilled workforce
continues to set new standards for operational excellence and
transform our industry.
Media Contacts:
For further information regarding Nabors, please contact
Dennis A. Smith, Senior Vice
President of Corporate Development & Investor Relations, +1
281-775-8038 or William C. Conroy,
Senior Director of Corporate Development & Investor Relations,
+1 281-775-2423. To request investor materials, contact
Nabors' corporate headquarters in Hamilton, Bermuda at +441-292-1510 or via
e-mail mark.andrews@nabors.com.
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SOURCE Nabors Industries Ltd.