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KLX Energy Services Announces Effectiveness of 1-for-5 Reverse Stock Split and Related Adjustment to Exchange Ratio for Merger
WELLINGTON, Fla., July 27, 2020 (GLOBE NEWSWIRE) -- KLX Energy Services Holdings, Inc. (“KLX Energy Services” or the “Company”) (NASDAQ:KLXE), a leading U.S.
About this update from Klx Energy Services Holdings, Inc.
[{"type":"text","content":"WELLINGTON, Fla., July 27, 2020 (GLOBE NEWSWIRE) -- KLX Energy Services Holdings, Inc. (“KLX Energy Services” or the “Company”) (NASDAQ:KLXE), a leading U.S. onshore provider of mission critical oilfield services, today announced that it will effect a 1-for-5 reverse stock split of its common stock that will be effective as of 7:30 a.m. Eastern Time tomorrow, July 28, 2020. KLXE’s common stock will begin trading on the Nasdaq Global Select Market on a split-adjusted basis when the market opens on Tuesday, July 28, 2020. KLX Energy Services anticipates that the reverse stock split will be effected immediately prior to closing of the Company’s pending merger with Quintana Energy Services Inc. (“QES”). The new CUSIP number for KLXE’s common stock following the reverse stock split is 48253L 205.\n Pursuant to the Agreement and Plan of Merger (the “Merger Agreement”) among KLXE, QES, Krypton Intermediate LLC and Krypton Merger Sub Inc., the final Exchange Ratio under the Merger Agreement will be 0.0969, after giving effect to the reverse stock split. On July 24, 2020, the holders of a majority of KLXE’s outstanding shares of common stock approved the reverse stock split and gave KLXE’s board of directors’ discretionary authority to select a ratio for the split ranging from 1-for-5 to 1-for-10. The board of directors approved the reverse stock split at a ratio of 1-for-5 on July 26, 2020. The reverse stock split affects all issued and outstanding shares of KLXE’s common stock, as well as the number of shares of common stock available for issuance under KLXE’s Long Term Incentive Plan and Employee Stock Purchase Plan. The reverse stock split does not affect the number of authorized shares of KLXE’s common stock. The reverse stock split will reduce the number of shares of KLXE’s outstanding common stock from approximately 24.9 million to approximately 5.0 million, prior to closing of the merger. The reverse stock split will not change the par value of the common stock or the authorized number of shares of preferred stock of KLXE. The reverse stock split will affect all holders of common stock uniformly and will not alter any stockholder’s percentage ownership interest in KLXE, except to the extent that the reverse stock split would result in a stockholder owning a fractional share. No fractional shares of common stock will be issued in ...