HAMILTON, Bermuda, April 20, 2020 /PRNewswire/ -- Nabors Industries Ltd. (NYSE: NBR) ("Nabors") announced today that all proposals presented at its special meeting held on Monday, April 20, 2020 were approved, including: (i) an amendment to Nabors' share capital to effect a reverse stock split of its common shares at a ratio not less than 1-for-15 and not greater than 1-for-50, with the exact ratio to be set within that range at the sole discretion of Nabors' Board of Directors before the effective date of the reverse stock split without further approval or authorization of Nabors' shareholders, together with a corresponding proportional reduction in the number of authorized common shares and a proportional increase in the par value for such authorized common shares (ii) an increase in Nabors' authorized common share capital by 100% following the proportional reduction in the number of authorized common shares as a result of the reverse stock split and (iii) an amendment to Nabors' Bye-Laws in respect of its share capital.
In addition, Nabors announced today that its Board of Directors has approved a reverse stock split ratio of its common shares of 1-for-50 that will be effective as of 5:00 p.m. Eastern Time on April 22, 2020. Nabors' common shares will begin trading on the New York Stock Exchange on a split-adjusted basis when the market opens on April 23, 2020. The new CUSIP number for Nabors' common shares following the reverse stock split will be G6359F 137.
The reverse stock split will result in 50 pre-split common shares automatically combining into one new common share, without any action on the part of the shareholders. Nabors' authorized number of common shares will also be proportionally decreased from 800,000,000 to 16,000,000 common shares and the par value of each common share will be proportionally increased from $0.001 to $0.05. In addition, Nabors' authorized common share capital will increase by 100% following the proportional reduction in the number of authorized common shares as a result of the reverse stock split. No fractional common shares will be issued as a result of the reverse stock split. Any fractional common shares of registered holders resulting from the reverse stock split will be rounded up to the nearest whole share.
The reverse stock split will not impact any shareholder's percentage ownership of Nabors or voting power, except for minimal effects resulting from the treatment of resultant fractional shares of beneficial holders.
Nabors' transfer agent, Computershare, is acting as the exchange agent for the reverse stock split.
The information above includes forward-looking statements within the meaning of the Securities Act and the Securities Exchange Act of 1934, as amended. Such forward-looking statements are subject to certain risks and uncertainties, as disclosed by Nabors from time to time in its filings with the SEC. As a result of these factors, Nabors' actual results may differ materially from those indicated or implied by such forward-looking statements. Nabors does not undertake to update these forward-looking statements.
About Nabors Industries
Nabors (NYSE: NBR) owns and operates one of the world's largest land-based drilling rig fleets and provides offshore platform rigs in the United States and numerous international markets. Nabors also provides directional drilling services, performance tools, and innovative technologies for its own rig fleet and those of third parties. Leveraging our advanced drilling automation capabilities, Nabors highly skilled workforce continues to set new standards for operational excellence and transform our industry.
For further information regarding Nabors, please contact Dennis A. Smith, Senior Vice President of Corporate Development & Investor Relations, +1 281-775-8038 or William C. Conroy, Vice President of Corporate Development & Investor Relations, +1 281-775-2423. To request investor materials, contact Nabors' corporate headquarters in Hamilton, Bermuda at +1 441-292-1510 or via e-mail [email protected].