Nuverra Environmental Solutions (NYSE:NES)
, a leading provider of full-cycle environmental solutions to energy and industrial end-markets, announced today that in accordance with its prior announcement to effect a 1-for-10 reverse stock split of its common stock, the Company anticipates the reverse stock split will be effective at the opening of trading on December 3, 2013. As previously announced, the Board approved the reverse stock split at a ratio of 1-for-10 earlier this month pursuant to authorization by shareholders at a special meeting of shareholders on November 9, 2012.
When the reverse stock split becomes effective, every ten (10) shares of common stock outstanding will automatically combine into one (1) new share of common stock with no change in par value per share. This will reduce the number of shares outstanding from approximately 260 million to 26 million. The Company’s common stock will continue to trade on the New York Stock Exchange under the symbol “NES.” The new CUSIP number for the common stock following the reverse stock split will be 67091K203.
No fractional shares will be issued in connection with the reverse stock split. Stockholders who would otherwise hold a fractional share of Nuverra common stock will receive a cash payment from the proceeds of that sale in lieu of such fractional share.
Holders of shares of common stock held in book-entry form or through a bank, broker or other nominee do not need to take any action in connection with the reverse split, and will see the impact of the reverse split automatically reflected in their accounts. Beneficial holders may contact their bank, broker or nominee for more information.
For those few shareholders who hold physical stock certificates, the Company's transfer agent, American Stock Transfer & Trust Company, will send instructions for exchanging those certificates for new certificates representing the post-split number of shares. American Stock Transfer & Trust Company can be reached at 800-937-5449.