HighPoint Resources Announces Completion of Reverse Stock Split

Rhea-AI Summary

HighPoint Resources Corporation (NYSE: HPR) has successfully executed a 1-for-50 reverse stock split effective October 30, 2020, at 12:02 a.m. Eastern Time. This means that every fifty pre-split shares have been converted into one post-split share. The company's common stock will commence trading on a split-adjusted basis today. Fractional shares resulting from the split were canceled, and affected stockholders will receive cash instead. The trading symbol "HPR" remains unchanged, and the new CUSIP number is 43114K 207.

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• None.

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• Reverse stock split may indicate declining stock performance or financial instability.

DENVER, Oct. 30, 2020 (GLOBE NEWSWIRE) -- HighPoint Resources Corporation (the "Company") (NYSE: HPR) today announced the completion of the Company’s 1-for-50 reverse stock split of its common stock. The reverse split became effective at 12:02 a.m. Eastern Time on October 30, 2020 and the Company’s common stock will begin trading on a split-adjusted basis on the New York Stock Exchange at the market open today. As a result of the reverse stock split, every fifty pre-split shares of common stock outstanding has become one share of post-split common stock. Fractional shares that resulted from the reverse stock split were canceled and stockholders who would have otherwise held fractional shares as a result of the reverse stock split will be entitled to receive cash in lieu of such fractional shares.

The trading symbol for the Company’s common stock remains “HPR” and the new CUSIP number for the common stock following the reverse stock split is 43114K 207.

ABOUT HIGHPOINT RESOURCES CORPORATION

HighPoint Resources Corporation (NYSE: HPR) is a Denver, Colorado based company focused on the development of oil and natural gas assets located in the Denver-Julesburg Basin of Colorado. Additional information about the Company may be found on its website at www.hpres.com.

Company contact: Larry C. Busnardo, Vice President, Investor Relations, 303-312-8514

FAQ

What was the effective date of HighPoint Resources Corporation's reverse stock split?

The reverse stock split became effective on October 30, 2020.

What is the new trading symbol after the reverse stock split for HPR?

The trading symbol remains "HPR".

What happens to fractional shares after the reverse stock split for HPR?

Fractional shares resulting from the reverse stock split were canceled, and stockholders will receive cash in lieu of those shares.

How did the reverse stock split affect HPR shareholders?

Shareholders will now hold fewer shares, as every fifty shares were converted into one.