HOUSTON, July 21, 2020 /PRNewswire/ -- Houston American Energy Corp. (NYSE American: HUSA) today announced that the Company will effect a 1-for-12.5 reverse stock split of its common stock on July 31, 2020. The Company's common stock is expected to begin trading on a split-adjusted basis on the NYSE American exchange at the market open on August 3, 2020.
The reverse stock split is intended to increase the per share trading price of the Company's common stock to satisfy the $1.00 minimum bid price requirement for continued listing on the NYSE American exchange. The reverse stock split was approved by the Company's stockholders at the Company's Annual Meeting of Stockholders held on July 17, 2020 to be affected at the Board's discretion within approved parameters. The specific ratio was subsequently approved by the Company's Board. As a result of the reverse stock split, every twelve and one-half pre-split shares of common stock outstanding will become one share of common stock. The reverse stock split reduces the number of shares of the Company's outstanding common stock from approximately 87 million shares to approximately 7 million shares, subject to adjustment the rounding of fractional shares. The reverse stock split also applies to common stock issuable upon the exercise of the Company's outstanding warrants, convertible preferred stock and stock options.
No fractional shares will be issued in connection with the reverse stock split. Stockholders who otherwise would be entitled to receive fractional shares will receive a number of shares rounded up to the nearest whole number. Holders of the Company's 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 stock split. Stockholders of record will be receiving information from Standard Registrar and Transfer, Inc., the Company's transfer agent, regarding their stock ownership post-split.
The trading symbol for the Company's common stock will remain "HUSA."
About Houston American Energy Corp.
Based in Houston, Texas, Houston American Energy Corp. is a publicly-traded independent energy company with interests in oil and natural gas wells, minerals and prospects. The company's business strategy includes a property mix of producing and non-producing assets with a focus on the Permian Basin in Texas, Louisiana and Colombia.
For additional information, view the company's website at www.houstonamerican.com or contact Houston American Energy Corp. at (713) 222-6966.
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SOURCE Houston American Energy Corp.