Wednesday, December 19, 2012

GMX Resources Announces Reverse Split ($GMXR)

The reverse split is going through, according to a filing the company just made.

"On December 18, 2012, GMX Resources Inc. filed with the Secretary of State of the State of Oklahoma an Amended Certificate of Incorporation. The Certificate Amendment amends the Company's Certificate of Incorporation to provide for a reverse stock split pursuant to which, as of 5:00 p.m. Oklahoma City local time on January 3, 2013, each thirteen (13) shares of the Company's issued and outstanding common stock, par value $0.001 per share, will be combined into one share of Common Stock. Each shareholder of record who otherwise would be entitled to receive fractional shares, will be entitled to an amount in cash (without interest or deduction) equal to the fraction of one whole share to which such shareholder would otherwise be entitled multiplied by the product of: (i) the average of the closing prices of the Common Stock on the New York Stock Exchange or other principal market of the Common Stock, as applicable, for the five consecutive trading days immediately before the Effective Time and (ii) the Reverse Split Factor. Each certificate that immediately prior to the Effective Time represented shares of Common Stock will thereafter represent that number of shares of Common Stock into which the shares of Common Stock represented by the Old Certificate shall have been combined pursuant to the Reverse Stock Split, subject to the elimination of fractional interests as described above."

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