Midstates Petroleum Co. Inc. (NYSE: MPO) has completed a 1-for-10 reverse stock split of its common stock. The company’s stock began trading on a split-adjusted basis on Aug. 4. Midstates’ stock will continue to trade on the New York Stock Exchange under the trading symbol “MPO” but will trade under a new CUSIP number.
Upon effectiveness of the reverse stock split, every 10 shares of issued and outstanding common stock was automatically combined into one issued and outstanding share of common stock. The reverse stock split reduced the number of shares of the company’s common stock outstanding from 72 million to 7.2 million. In addition, the number of authorized shares of the company’s common stock was decreased from 300 million to 100 million.
Midstates did not issue any fractional shares in connection with the reverse stock split; stockholders who would otherwise hold a fractional share of the company’s common stock will receive a cash payment in lieu of such fractional share.
American Stock Transfer and Trust Co. LLC, the company’s transfer agent, acted as its exchange agent for the reverse stock split.