SandRidge to convert its preferreds into 18.8 million common shares

By Susanna Moon

Chicago, May 7 - SandRidge Energy, Inc. said it would convert all outstanding shares of its series A convertible preferred stock into common stock on May 7.

Under terms of the preferreds, the company said no conversion option payment will be made.

On the conversion date, 10.198 shares of common stock will be issued upon conversion of each share of series A convertible preferred stock plus cash in lieu of fractional shares.

The 1,844,464 preferred shares outstanding would result in the issuance of 18,810,260 common shares upon conversion.

Holders of the preferreds also will receive accrued dividends in cash.

The company will serve as the conversion agent for the preferred stock.

SandRidge is an oil and natural gas company based in Oklahoma City.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.