U.S. Energy Corp. (NASDAQ: USEG) ("We" "U.S. Energy" or the "Company") announced today that, following approval of the 1-for-10 reverse stock split by U.S. Energy shareholders at the 2019 Annual Shareholders' Meeting held on December 10, 2019, U.S. Energy's Board of Directors determined to effect the reverse stock split of U.S. Energy's common stock. The applicable Articles of Amendment to the Company's Restated Articles of Incorporation were filed with and accepted by the Wyoming Secretary of State on December 31, 2019.
U.S. Energy common stock will begin trading on a split-adjusted basis when markets open on January 6, 2020. U.S. Energy common stock will continue to trade on the Nasdaq Capital Market Exchange under the symbol "USEG," although a new CUSIP number (911805307) has been assigned to it as a result of the reverse stock split.
No fractional shares have been issued in connection with the reverse stock split. Stockholders otherwise entitled to receive fractional share(s) as a result of the reverse stock split will receive cash payments in lieu of such shares.