Century Petroleum Corp (CYPE)

[nodummy]

The reverse split that CYPE referenced in a May 25th press release as one of the terms that had to be met for the proposed Ibeto Cement merger to be completed:

https://investorshub.advfn.com/boards/read_msg.aspx?message_id=141129559

https://www.otcmarkets.com/stock/CYPE/news/story?e&id=1092637

Completion of the Proposed Transaction is subject to a number of conditions, including completion of the merger, receipt of all necessary shareholder/shareholding and regulatory approvals, the execution of related/applicable transaction documents, approval of the SEC and Finra for the business combination and change of name.

In connection with the Proposed Transaction, the Company will be required to, amongst others: (i) change its name to a name requested by Ibeto Cement Company Limited and acceptable to applicable regulatory authorities; (ii) consolidate/consolidation of its outstanding Century Petroleum Shares on a basis to be determined (the “Consolidation”); (iii) replace all directors and officers of the Company on closing of the Proposed Transaction with nominees of Ibeto Cement Company Limited; and (iv) create a new class of non-participating super voting shares that would be issued to the founder of Ibeto Cement Company Limited, Dr. Cletus M. Ibeto, under the Proposed Transaction.

In the Proposed Transaction, existing shareholders of the Company as of immediately prior to the completion of the Proposed Transaction would hold post-Consolidated Century Petroleum Shares (whose voting rights will be subordinated) with a value, based on the merger. Further details of the Proposed Transaction will be included in subsequent news releases and disclosure documents (which will include business and financial information in respect of Ibeto Cement Company Limited) to be filed by the Company in connection with the Proposed Transaction.

"Consolidate the Outstanding Shares on a basis to be determined" sure sounds like a planned reverse split to me.

What do you think that means?


But I wouldn't get too worried. I'll be surprised if FINRA approves a name/symbol change and reverse split for this stock (all terms that have to be met before the "proposed merger" with Ibeto Cement can be completed).