IVAN R/S vote ahead
Ivanhoe Energy Proposes Share Consolidation to Preserve NASDAQ Listing
06:57 : Friday 18 July 2014
CALGARY, July 18, 2014 /PRNewswire/ - Ivanhoe Energy Inc. (TSX: IE) (NASDAQ: IVAN) has scheduled a special meeting of shareholders to be held on August 13, 2014. The purpose of the special meeting is to give shareholders the opportunity to approve a proposal to effect a share consolidation or reverse-split as a means of regaining compliance with NASDAQ's minimum bid price requirements prior to September 2, 2014. Details of the proposal are included in the proxy materials mailed to shareholders of record as of July 11, 2014. The proxy materials have also been filed on SEDAR and EDGAR.
The special meeting has been scheduled to preserve the Company's ability to pursue the consolidation proposal as a viable alternative for regaining compliance with NASDAQ's minimum bid price requirements in a timely manner. The schedule allows sufficient time for the dissemination of the proxy materials to shareholders and, if the consolidation proposal is presented to the shareholders at the special meeting and approved, for the Company's post-consolidation common shares to trade on NASDAQ for a sufficient period of time to re-establish compliance prior to the September 2 deadline.
There may be other alternatives that would permit the Company to regain compliance without pursuing the consolidation proposal, such as the successful execution of a business opportunity resulting in a material appreciation of the market price of the Company's common shares, but there is no assurance that any such alternatives will be available in a timely manner. If, for any reason, the Company does not regain compliance with NASDAQ's minimum bid price requirements in a timely manner because shareholders do not approve the consolidation proposal or for other reasons the Company's common shares may become subject to delisting from NASDAQ. If the Company's common shares are ultimately delisted from NASDAQ the Company intends to maintain its current listing on the Toronto Stock Exchange.
Ivanhoe Energy is an independent international heavy oil exploration and development company focused on pursuing long-term growth in its reserves and production using advanced technologies, including its proprietary heavy oil upgrading process (HTL®). Core operations are in Canada, United States, and Ecuador, with business development opportunities worldwide. Ivanhoe Energy trades on the Toronto Stock Exchange with the ticker symbol IE and on the NASDAQ Capital Market with the ticker symbol IVAN. For more information about Ivanhoe Energy Inc. please visit www.ivanhoeenergy.com.
It is hard to imagine a more stupid or more dangerous way of making decisions than by putting those decisions in the hands of people who pay no price for being wrong.
~ Thomas Sowell
