Civeo Corp. 8-K Filing Summary
Business Context and Reporting Period
This Form 8-K was filed by Civeo Corporation on November 19, 2020, reporting a material corporate action effective as of that date. The filing details the implementation of a previously approved 1-for-12 reverse share split of the Company's common shares.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on capital structure adjustments.
Material Changes
- Reverse Share Split: A 1-for-12 reverse split was effected, converting every 12 outstanding common shares into one share.
- Share Count: Immediately following the split, 14,215,169 common shares were issued and outstanding.
- Authorized Shares: The number of authorized common shares was reduced to 46,000,000.
- Preferred Shares: The conversion price for Class A Series 1 preferred shares increased from $3.30 to $39.60 per share.
- Equity Awards: The number of shares available under equity compensation plans and issuable upon exercise of awards was reduced proportionally, while exercise prices were increased proportionally.
- Trading Details: Shares began trading on a split-adjusted basis on November 20, 2020, on the NYSE under symbol "CVEO" with a new CUSIP number of 17878Y207.
Guidance, Outlook, and Risks
The filing does not provide updated financial guidance, management commentary on future outlook, or specific risk factors beyond the mechanics of the reverse split. Fractional shares were not issued; instead, they were rounded down if less than half a share and rounded up if at least half a share.
Investor Verification Checklist
- Verify the new CUSIP number (17878Y207) for trading and settlement purposes.
- Confirm the adjusted number of shares held in brokerage accounts post-split.
- Review the impact of the increased conversion price ($39.60) on Class A Series 1 preferred shares.
- Check the adjusted exercise prices and share quantities for any outstanding equity awards or options.
- Confirm the reduction in authorized common shares to 46,000,000.