HOUSTON, June 29, 2020 (GLOBE NEWSWIRE) -- Altus Midstream Company (“Altus”) (NASDAQ:ALTM) today announced that effective at 5:30 p.m. Eastern time on June 30, 2020, the company will affect a 1-for-20 reverse stock split of its outstanding common stock. The Altus Board of Directors authorized the reverse stock split, following shareholder approval of the action at the company’s annual meeting on May 21, 2020.
Upon the effectiveness of the reverse stock split, each of the company’s shareholders will receive one new share of Altus common stock for every 20 shares of Altus common stock held prior to that date, with no changes in par value per share. Altus will pay cash (without interest) in lieu of any fractional shares to which a shareholder would otherwise be entitled as a result of the reverse stock split.
The company’s Class A common stock will begin trading on a split-adjusted basis on the Nasdaq Global Market at the market open on July 1, 2020.
The reverse stock split is primarily intended to bring the company into compliance with the minimum bid price requirement for maintaining its listing on the Nasdaq Stock Market. Once effective, the number of outstanding shares of common stock will be reduced from approximately 324,929,305 to approximately 16,246,465 shares, including 3,746,465 shares of Class A common stock and 12,500,000 shares of Class C common stock.
Shareholders holding share certificates will receive information from American Stock Transfer & Trust Company, LLC, the company’s transfer agent, regarding the process for exchanging their shares of common stock. Shareholders with questions may contact the company’s transfer agent by calling (877) 248‑6417 or (718) 921‑8317.