HOUSTON--(BUSINESS WIRE)--Cobalt International Energy, Inc. (“Cobalt”) (NYSE:CIE) today announced that its Board of Directors has approved a 1-for-15 reverse stock split of Cobalt’s issued and outstanding shares of common stock, which will become effective upon the filing and effectiveness of a Certificate of Amendment to Cobalt’s Second Amended and Restated Certificate of Incorporation after the market closes on or about June 23, 2017. Trading on a split adjusted basis is planned to begin when the market opens on June 26, 2017. No fractional shares will be issued in connection with the reverse stock split. Stockholders who would otherwise be entitled to receive a fractional share of Cobalt’s common stock will receive a full share in lieu of such fractional share.
Following the reverse split, Cobalt’s shares of common stock will continue to trade on the New York Stock Exchange under the symbol “CIE.” 19075F 304 will be the new CUSIP number under which Cobalt’s common stock will trade following the reverse stock split.
Stockholders who own uncertificated shares of Cobalt stock are not required to take any action to receive the shares in connection with the reverse stock split and they will not be required to surrender or exchange their shares of Cobalt common stock. The transfer agent will automatically issue the new shares via a statement. Stockholders who own certificated shares of Cobalt stock will be required to transmit their certificates to the transfer agent in exchange for updated certificates upon receipt of the Letter of Transmittal mailing. Proportional adjustments will be made to the conversion and exercise prices of the company’s outstanding warrants, convertible notes and stock options, and the number of shares issued and issuable under the company’s equity compensation plans.
The transfer agent for Cobalt’s common stock is Continental Stock Transfer & Trust Company. For questions relating to the transfer or mechanics of the reverse stock split, stockholders may contact Continental Stock Transfer & Trust Company, 1 State Street 30th Floor, New York, NY 10004-1561, or by phone at: (212) 262-2378. If shares are held by a bank, broker or other nominee, stockholders should contact that institution directly.
Cobalt International Energy, Inc. (NYSE:CIE) is an independent exploration and production company active in the deepwater U.S. Gulf of Mexico and offshore West Africa. Cobalt was formed in 2005 and is headquartered in Houston, Texas.
This press release includes “forward-looking statements” within the meaning of the federal securities laws, including the safe harbor provisions of the Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 — that is, statements related to future, not past, events. Forward-looking statements are based on current expectations and include any statement that does not directly relate to a current or historical fact. In this context, forward-looking statements often address Cobalt’s expected future business and financial performance, and often contain words such as “anticipate,” “believe,” “may,” “will,” “aim,” “estimate,” “continue,” “intend,” “could,” “expect,” “plan,” and other similar words. These forward-looking statements involve certain risks and uncertainties that ultimately may not prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. For further discussion of risks and uncertainties, individuals should refer to Cobalt’s SEC filings. Cobalt disclaims any obligation or undertaking, and does not intend, to update these forward-looking statements to reflect events or circumstances occurring after this press release, other than as required by law. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement.