Team, Inc. Completes One-for-Ten Reverse Stock Split
SUGAR LAND, Texas, Dec. 21, 2022 (GLOBE NEWSWIRE) -- Team, Inc. (NYSE: TISI) (“TEAM” or the “Company”), a global leading provider of integrated, digitally-enabled asset performance assurance and optimization solutions, today announced that it has completed the previously announced reverse stock split of the outstanding shares of the Company’s common stock, par value $0.30 per share (the “Common Stock”), at a ratio of one-for-ten (the “Reverse Stock Split”), effective at 5:00 p.m. Eastern Time today (the “Effective Time”).
- SUGAR LAND, Texas, Dec. 21, 2022 (GLOBE NEWSWIRE) -- Team, Inc. (NYSE: TISI) (“TEAM” or the “Company”), a global leading provider of integrated, digitally-enabled asset performance assurance and optimization solutions, today announced that it has completed the previously announced reverse stock split of the outstanding shares of the Company’s common stock, par value $0.30 per share (the “Common Stock”), at a ratio of one-for-ten (the “Reverse Stock Split”), effective at 5:00 p.m. Eastern Time today (the “Effective Time”).
- The Reverse Stock Split also effected a proportionate reduction in the Company’s authorized shares of Common Stock from 120,000,000 shares to 12,000,000 shares and reduced the number of shares of Common Stock outstanding from approximately 43,429,089 shares to approximately 4,342,724 shares.
- No fractional shares were issued in connection with the Reverse Stock Split.
- Holders of Common Stock who hold in “street name” in their brokerage accounts do not have to take any action as a result of the Reverse Stock Split.