Business Context and Reporting Period
This Form 8-K filing by California Resources Corporation (CRC) covers events occurring on May 31, 2016, with the report dated June 3, 2016. The filing primarily addresses corporate governance changes approved at the annual stockholder meeting held on May 4, 2016.
Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses on corporate structural changes rather than financial performance data.
Material Changes
- Reverse Stock Split: CRC effected a one (1) for ten (10) reverse stock split.
- Effective Date: The split became effective at 5:00 pm Eastern Time on May 31, 2016.
- Authorized Shares: The action included a corresponding reduction in the number of authorized shares of common stock and preferred stock.
- Legal Filing: The Amendment and Restatement of the Certificate of Incorporation was filed with the Secretary of State of Delaware on May 31, 2016.
Guidance, Outlook, and Risks
The filing does not contain management commentary on future guidance, outlook, or specific risks. The reverse stock split was executed at the discretion of the Board of Directors following stockholder approval. No unusual items or contingencies were disclosed in this specific report.
Key Facts for Investor Verification
- Verify the post-split share count and the new par value of common and preferred stock.
- Confirm the trading symbol and ticker adjustments on the relevant exchange following the May 31, 2016 effective time.
- Review the full text of the Amended and Restated Certificate of Incorporation (Exhibit 3.1) for details on the reduction of authorized shares.