McEwen forced to reverse split stock to remain NYSE-listed
McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) ("MUX" or the "Company”) announces that starting today (July 28) the company’s common shares are expected to begin trading on the NYSE and TSX after giving effect to the 1-for-10 reverse split previously announced on July 12th, 2022 (the “Reverse Split”). Following effectiveness of the Reverse Split the company expects to regain compliance with NYSE continued listing requirements and remain listed on the NYSE.
Pursuant to the approval by the shareholders at the annual meeting of shareholders held on July 7th, 2022, the Company filed an Amendment to its Articles of Incorporation that served to:
- effect a 1-for-10 Reverse Split of the Company’s issued and outstanding common stock on July 27, 2022 at 11:59 p.m., and
- effect the decrease in authorized capital from 675 million to 200 million shares of common stock.
As previously reported, no fractional shares will be issued in connection with the Reverse Split. Shareholders of record otherwise entitled to receive fractional shares of common stock will receive cash (without interest or deduction) in lieu of such fractional share interests. The Reverse Split will not alter the par value of the common stock or modify any voting rights or other rights or terms of the common stock. Except for any shareholders who receive cash in lieu of a fractional share as a result of the Reverse Split, the Reverse Split will affect all shareholders uniformly. Computershare Trust Company, N.A., the Company’s transfer agent, is acting as the exchange agent for the Reverse Split.
Computershare will send instructions (a “Letter of Transmittal”) to shareholders who hold stock certificates regarding the exchange of old certificates for new certificates. To exchange your stock certificates, you must follow the instructions contained in the Letter of Transmittal. Shareholders who hold their shares in brokerage accounts or "street name" are not required to take any action to effect the exchange of their shares.
Following the Reverse Split, the number of outstanding common shares of the Company will be reduced from approximately 474 million outstanding common shares to approximately 47 million outstanding common shares. MUX's common shares will continue to trade on the NYSE and the TSX under the existing ticker symbols subject to on-going satisfaction of continued listing requirements. Following the Reverse Split, the new CUSIP number for the Company's common shares will be 58039P305, and the new ISIN for the Company's common shares will be US58039P3055.
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