SEC Filing Summary: Midstates Petroleum Company, Inc.
Business Context and Reporting Period
This Form 8-K Current Report was filed on August 3, 2015, by Midstates Petroleum Company, Inc. (the "Company"). The filing reports on corporate governance actions taken on the same date regarding the Company's capital structure.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on a structural change to the Company's equity.
Material Changes
The primary material change reported is the implementation of a one-for-ten reverse stock split of the Company's common stock, par value $0.01 per share. Key details include:
- Effective Time: 5:00 p.m. Eastern time on August 3, 2015.
- Conversion Ratio: Each ten shares of issued and outstanding Common Stock were converted into one share.
- Authorized Shares: Reduced from approximately 300 million to 100 million.
- Fractional Shares: No fractional shares were issued. Instead, fractional interests were converted into cash payments based on the closing price of the Common Stock on the New York Stock Exchange on July 31, 2015.
Guidance, Outlook, and Risks
The filing does not contain forward-looking guidance, management commentary on future operations, or specific risk factors beyond the standard legal disclosures associated with the amendment to the Certificate of Incorporation. The Company issued a press release on August 3, 2015, announcing the effectiveness of the Reverse Stock Split, which is attached as Exhibit 99.1.
Investor Verification Checklist
- Verify the post-split share count and the reduction in authorized shares from 300 million to 100 million.
- Confirm the cash payment received for any fractional shares based on the July 31, 2015, closing price.
- Review the attached Certificate of Amendment (Exhibit 3.1) for the full legal text of the changes to the Articles of Incorporation.
- Check the press release (Exhibit 99.1) for any additional context regarding the rationale for the reverse stock split.