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Thursday, December 17, 2015
ERHC Energy revealed that its shareholders have “overwhelmingly” approved a 100-for-one reverse stock split. More than 85% of the votes cast, a quorum being present, were cast in favor of the reverse stock split.
The management and board of directors of ERHC proposed a reverse stock split as a way to enhance the company’s balance sheet, while better positioning ERHC to take advantage of certain merger and acquisition interest
The company will now undertake the regulatory and administrative steps necessary to make the reverse stock split effective.
“We thank the shareholders of ERHC for approving this proposal, which we anticipate might strengthen investor interest in the company and make ERHC more attractive to major new investors and potential business partners,” said ERHC President and CEO Peter Ntephe. “This action clears the way for ERHC to pursue strategic capital-raising opportunities and potentially value-enhancing mergers and acquisitions activity.”
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