Dune Energy Announces 1-for-5 Reverse Stock Split
02 12월 2009 - 7:00AM
PR Newswire (US)
HOUSTON, Dec. 1 /PRNewswire-FirstCall/ -- Dune Energy, Inc.
(NYSE-Amex: DNE) (the "Company") announced today that the Company's
stockholders have approved a 1-for-5 reverse stock split (the
"Reverse Split"). The Reverse Split was previously disclosed in the
proxy materials distributed to the Company's stockholders in
connection with that special stockholders' meeting held on November
30, 2009 to authorize, among other things, amending the Company's
certificate of incorporation to effect the Reverse Split. The
Reverse Split will be effective at the opening of trading on
December 2, 2009. On that date, the Company's shares of common
stock shall trade on a split-adjusted basis under the new CUSIP
number of 265338 50 9. As a result of the Reverse Split, every five
shares of the Company that a stockholder owned were converted into
one share of the Company, thus reducing the number of outstanding
shares of common stock from approximately 185.5 million to 37.1
million as of the close of business on December 1, 2009, the
effective date of the Reverse Split. Following the Reverse Split,
the Company will continue to have 300 million authorized shares of
common stock. Notwithstanding the Reverse Split, each stockholder
will continue to hold the same percentage of the Company's
outstanding common shares immediately following the Reverse Split
as he or she held immediately prior to the Reverse Split, except
for adjustments for fractional shares resulting from the Reverse
Split. Fractional shares created as a result of the Reverse Split
will be rounded up to the nearest whole share. The Company has
retained its transfer agent, American Stock Transfer & Trust
Company, LLC ("AST"), to act as exchange agent for the Reverse
Split. AST will manage the exchange of pre-reverse stock split
shares for post-reverse stock split shares. As soon as practicable,
AST will provide stockholders of record as of the effective time of
the Reverse Split with a letter of transmittal providing
instructions for the exchange of their certificates representing
pre-reverse stock split shares of common stock for new certificates
of post-reverse stock split shares of common stock. Stockholders
who hold their shares in "street name" will be contacted by their
banks or brokers with any relevant instructions. Click here for
more information:
http://www.duneenergy.com/news.html?b=1683&1=1 FORWARD-LOOKING
STATEMENTS: This document includes forward-looking statements.
Forward-looking statements include, but are not limited to,
statements concerning estimates of expected drilling and
development wells and associated costs, statements relating to
estimates of, and increases in, production, cash flows and values,
statements relating to the continued advancement of Dune Energy,
Inc.'s projects and other statements which are not historical
facts. When used in this document, the words such as "could,"
"plan," "estimate," "expect," "intend," "may," "potential,"
"should," and similar expressions are forward-looking statements.
Although Dune Energy, Inc. believes that its expectations reflected
in these forward-looking statements are reasonable, such statements
involve risks and uncertainties and no assurance can be given that
actual results will be consistent with these forward-looking
statements. Important factors that could cause actual results to
differ from these forward-looking statements include the potential
that the Company's projects will experience technological and
mechanical problems, geological conditions in the reservoir may not
result in commercial levels of oil and gas production, changes in
product prices and other risks disclosed in Dune's Annual report on
Form 10-K filed with the U.S. Securities and Exchange Commission.
DATASOURCE: Dune Energy, Inc. CONTACT: Investors, Steven J. Craig,
Sr. Vice President Investor Relations and Administration of Dune
Energy, Inc., +1-713-229-6300 Web Site: http://www.duneenergy.com/
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