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Be the first with the news that moves the market- Gran Tierra Energy (GTE) has finalized a 1-for-10 reverse stock split
- Split-adjusted trading on the TSX will begin on Monday, May 8, 2023
- The company’s shares will now be on the radar of institutional investors, who are often restricted by minimum share prices for stocks in their portfolios
- Gran Tierra Energy is focused on oil and natural gas exploration and production in Colombia and Ecuador
- Gran Tierra Energy (GTE) last traded at $0.82 per share
Gran Tierra Energy (GTE) has finalized a 1-for-10 reverse stock split.
GTE shares begin trading on a split-adjusted basis on the TSX at market open on May 8, 2023. The company also trades on the NYSE American and the LSE, where the reverse stock split will begin upon today’s market open.
The move reduces issued and outstanding shares from 333 million to 33.3 million. Fractional shares under half a share will be rounded down to the next nearest whole number of shares, while fractions of at least half a share will be rounded up to the nearest whole number of shares.
Gran Tierra’s higher-priced shares will now hold greater appeal to institutional allocators interested in energy exposure, as many of these investors are governed by mandates forbidding the purchase of penny stocks.
The company has generated net income between US$38.69 million and US$139.03 million in four of the last five years. It plans to drill 4-6 exploration wells in Colombia and Ecuador in 2023 fully funded by internal cash flows.
Gran Tierra Energy is focused on oil and natural gas exploration and production in Colombia and Ecuador.
Gran Tierra Energy (GTE) last traded at $0.82 per share.
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