HOUSTON, July 18, 2017 /PRNewswire/ -- Hyperdynamics Corporation (OTCQX: HDYN) ("the Company") reminds owners of its Common Stock to submit their vote on a Company proposal that would authorize its Board of Directors at its discretion to implement a reverse stock split. Proxy Statements and Consent Forms have been mailed and should now be available for all shareholders to review. Votes must be received by July 26.
Shareholders of record as of July 7, 2017 are entitled to vote. Shareholders may vote online, by telephone, fax or by return email. Visit the Investor Relations section of Hyperdynamics' website at www.hyperdynamics.com for instructions on how to vote using each method.
The proposal would amend Hyperdynamics' Certificate of Incorporation to allow for a reverse stock split at a ratio within a range of one-for-two and one-for-six at the discretion of the Board.
As described in the Company's Proxy Statement filed with the U.S. Securities and Exchange Commission on July 11, 2017, the purpose of the proposal is to enable Hyperdynamics to meet the required standards to list its Common Stock on a national securities exchange and would only be used if the required standards are not met on its own accord. Our Common Stock is currently traded on the OTC Markets OTCQX marketplace, which is a relatively thinly traded market and lacks the liquidity than may be provided by a stock exchange such as The Nasdaq Capital Market.
In order to list our Common Stock on the Nasdaq Capital Market, among other requirements, our Common Stock must maintain a minimum closing bid price of $4.00. Our Board concluded that the liquidity and marketability of our Common Stock may be adversely affected if it is not quoted on a national securities exchange, as investors can find it more difficult to dispose of or to obtain accurate quotations as to the market value of our Common Stock while traded on the OTCQX marketplace.
Hyperdynamics is an emerging independent oil and gas exploration company that is exploring for oil and gas offshore the Republic of Guinea in West Africa. To find out more, visit our website at www.hyperdynamics.com.
Forward Looking Statements
This News Release contains "forward-looking statements" within the meaning of Section 27 A of the Securities Act of 1933, as amended, and Section 21 E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements concerning plans, objectives, goals, strategies, expectations, future events or performance and underlying assumptions and other statements which are other than statements of historical facts. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," " will," "expect," "plan," "project," "anticipate," "estimate," "believe," or " think." Forward-looking statements involve risks and uncertainties which could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements. We assume no duty to update or revise our forward-looking statements based on changes in plans or expectations or otherwise.
President and Chief Executive Officer
Anne Pearson / Jack Lascar