Ocean Rig UDW Inc. (ORIG)

[sludgehound]

ORIG R/S Sept 21 5pm 1-9,200. O/S to 8,976
I guess this is some bookkeeping move around the other news since a new price would be 1483 at close of today (2 more days to go). Haven't seen this kind of a move for a while, common in Great Recession though.


Title: OCEAN RIG UDW INC. ANNOUNCES REVERSE STOCK SPLIT
Link to press release: http://cdn.capitallink.com/files/docs/companies/ocean_rig/press/2017/ORIG-09192017.pdf

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OCEAN RIG UDW INC. ANNOUNCES REVERSE STOCK SPLIT
September 19, 2017, Grand Cayman, Cayman Islands – Ocean Rig UDW Inc. (NASDAQ:ORIG) (“Ocean Rig” or “UDW” or the “Company”), an international contractor of offshore deepwater drilling services, announced today that its Board of Directors (the “Board”) has determined to effect a 1-for-9,200 reverse stock split of the Company’s common shares. At the Company’s annual general meeting of shareholders on April 24, 2017, the Company’s shareholders approved the reverse stock split and granted the Board, or a duly constituted committee thereof, the authority to determine the exact split ratio and proceed with the reverse stock split.
The reverse stock split will take effect as of 5:00 P.M., New York City time, on September 21, 2017, and the Company’s common stock will begin trading on a split-adjusted basis on Nasdaq as of the opening of trading on September 22, 2017 under the existing trading symbol “ORIG”. The new CUSIP number for the common stock following the reverse stock split will be G66964118.
When the reverse stock split becomes effective, every 9,200 shares of the Company’s issued common stock will be automatically combined into one share of common stock. As of the date of this press release, the Company had 82,586,851 common shares issued and outstanding. Effecting the reverse stock split will reduce the number of issued and outstanding common shares to approximately 8,976 shares (as may be adjusted due to rounding).
No fractional shares will be issued in connection with the reverse split of the issued common stock. Shareholders of record who would otherwise hold a fractional share of the Company’s common stock will receive a cash payment in lieu thereof at a price equal to that fraction to which the shareholder would otherwise be entitled multiplied by the closing price of the Company’s common stock on Nasdaq on September 21, 2017. Shareholders that hold shares through a bank, broker, or nominee shall receive cash in lieu of fractional shares, if any, determined in accordance with the policies of such bank, broker, or nominee. Such shareholders may contact their bank, broker or nominee for more information.
Shareholders with shares held in certificate form will receive instructions from the Company’s exchange agent, American Stock Transfer & Trust Company, LLC, for exchanging their stock certificates for a new certificate representing the shares of common stock resulting from the reverse split. Shareholders with shares held in book-entry form or through a bank, broker, or other nominee are not required to take any action and will see the impact of the reverse stock split reflected in their accounts on or after September 22, 2017.
Additional information about the reverse stock split may be found in the Company’s proxy statement furnished to the Securities and Exchange Commission on Form 6-K on April 3, 2017, a copy of which is available on the Commission’s website at www.sec.gov.
About Ocean Rig UDW Inc.
Ocean Rig is an international offshore drilling contractor providing oilfield services for offshore oil and gas exploration, development and production drilling, and specializing in the ultra-deepwater and harsh-environment segment of the offshore drilling industry.
Ocean Rig’s common stock is listed on the Nasdaq where it trades under the symbol “ORIG.”
Our registered office is c/o Maples Corporate Services Limited, PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands. Visit the Company’s website at www.ocean-rig.com.