UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________________
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): November 19, 2020
____________________
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||||||||
| (Address and zip code of principal executive offices) | ||||||||||||||
Registrant’s telephone number, including area code: (713 ) 510-2400
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 3.03. Material Modification to Rights of Security Holders.
To the extent required by Item 3.03 of Form 8-K, the information contained in Item 5.03 of this report is incorporated herein by reference.
Item 5.03. Amendment to Articles of Incorporation or Bylaws; Change in Fiscal Year.
As previously announced, on November 3, 2020, the Board of Directors of Civeo Corporation (the “Company”) approved a 1-for-12 reverse share split (the “Reverse Split”) of the Company’s issued and outstanding common shares (the “Common Shares”). On November 19, 2020, the Company filed with the Corporate Registry of British Columbia a Certificate of Amendment to its Notice of Articles (the “Amendment”) to effect the Reverse Split, and the Amendment became effective at 11:59 p.m., eastern time, on the same date. The Common Shares began trading on a split‑adjusted basis when the market opened on November 20, 2020.
As a result of the Reverse Split, every 12 shares of the Company’s issued and outstanding Common Shares automatically converted into one Common Share, without any change in the par value per share. A total of 14,215,169 Common Shares were issued and outstanding immediately after the Reverse Split became effective on November 19, 2020. No fractional shares were outstanding following the Reverse Split. In lieu of any fractional share, the aggregate number of common shares that a holder was entitled to was, if the fraction was less than half a common share, rounded down to the next closest whole number of common shares, and if the fraction was at least half of a common share, rounded up to one whole common share. As previously approved by the Company’s shareholders and in accordance with the Amendment, the number of authorized Common Shares was reduced to 46,000,000 shares.
Neither the Reverse Split nor the Amendment affected the number of authorized or issued and outstanding shares of the Company’s preferred shares. As a result of the Reverse Split, the conversion price for the Company’s outstanding Class A Series 1 preferred shares (“Series A preferred shares”) was automatically increased to $39.60 for each Series A preferred share (previously it was $3.30 per Series A preferred share).
In addition, effective as of the same time as the Reverse Split, the Company’s Board of Directors reduced the number of Common Shares available for issuance under the Company’s equity compensation plans in proportion to the Reverse Split ratio. Upon effectiveness, the Reverse Split also resulted in reductions in the number of Common Shares issuable upon exercise or vesting of equity awards in proportion to the Reverse Split ratio and caused a proportionate increase in the exercise price, if any, applicable to such awards.
The Company’s Common Shares will continue to trade on the New York Stock Exchange under the symbol “CVEO.” The new CUSIP number for Common Shares following the Reverse Split is 17878Y207. Computershare, the Company’s transfer agent, is acting as the exchange agent for the Reverse Split.
For more information about the Reverse Split, see the Company’s definitive proxy statement filed with the Securities and Exchange Commission on April 13, 2020. The text of the Amendment is attached as Exhibit 3.1 hereto and incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit Number | Description of Document | ||||
| 3.1 | |||||
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | ||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: November 20, 2020
CIVEO CORPORATION
By: /s/ Carolyn J. Stone ,
Name: Carolyn J. Stone
Title: Senior Vice President, Chief Financial Officer and Treasurer
Mailing Address: Location: PO Box 9431 Stn Prov Govt 2nd Floor - 940 Blanshard Street Victoria BC V8W 9V3 Victoria BC www.corporateonline.gov.bc.ca 1 877 526-1526 CERTIFIED COPY Of a Document filed with the Province of British Columbia Registrar of Companies Notice of Articles BUSINESS CORPORATIONS ACT CAROL PREST This Notice of Articles was issued by the Registrar on: November 19, 2020 08:59 PM Pacific Time Incorporation Number: BC1153788 Recognition Date and Time: February 22, 2018 12:00 AM Pacific Time as a result of an Amalgamation NOTICE OF ARTICLES Name of Company: CIVEO CORPORATION REGISTERED OFFICE INFORMATION Mailing Address: Delivery Address: 250 HOWE STREET, 20TH FLOOR 250 HOWE STREET, 20TH FLOOR VANCOUVER BC V6C 3R8 VANCOUVER BC V6C 3R8 CANADA CANADA RECORDS OFFICE INFORMATION Mailing Address: Delivery Address: 250 HOWE STREET, 20TH FLOOR 250 HOWE STREET, 20TH FLOOR VANCOUVER BC V6C 3R8 VANCOUVER BC V6C 3R8 CANADA CANADA Page: 1 of 3
DIRECTOR INFORMATION Last Name, First Name, Middle Name: Dodson, Bradley J. Mailing Address: Delivery Address: THREE ALLEN CENTRE THREE ALLEN CENTRE 333 CLAY STREET, SUITE 4980 333 CLAY STREET, SUITE 4980 HOUSTON TX 77002 HOUSTON TX 77002 UNITED STATES UNITED STATES Last Name, First Name, Middle Name: Blankenship, C. Ronald Mailing Address: Delivery Address: THREE ALLEN CENTRE THREE ALLEN CENTRE 333 CLAY STREET, SUITE 4980 333 CLAY STREET, SUITE 4980 HOUSTON TX 77002 HOUSTON TX 77002 UNITED STATES UNITED STATES Last Name, First Name, Middle Name: Moore, Constance B. Mailing Address: Delivery Address: THREE ALLEN CENTRE THREE ALLEN CENTRE 333 CLAY STREET, SUITE 4980 333 CLAY STREET, SUITE 4980 HOUSTON TX 77002 HOUSTON TX 77002 UNITED STATES UNITED STATES Last Name, First Name, Middle Name: Navarre, Richard A. Mailing Address: Delivery Address: THREE ALLEN CENTRE THREE ALLEN CENTRE 333 CLAY STREET, SUITE 4980 333 CLAY STREET, SUITE 4980 HOUSTON TX 77002 HOUSTON TX 77002 UNITED STATES UNITED STATES Last Name, First Name, Middle Name: Szalkowski, Charles Mailing Address: Delivery Address: THREE ALLEN CENTRE THREE ALLEN CENTRE 333 CLAY STREET, SUITE 4980 333 CLAY STREET, SUITE 4980 HOUSTON TX 77002 HOUSTON TX 77002 UNITED STATES UNITED STATES Page: 2 of 3
Last Name, First Name, Middle Name: Lambert, Martin A. Mailing Address: Delivery Address: THREE ALLEN CENTRE THREE ALLEN CENTRE 333 CLAY STREET, SUITE 4980 333 CLAY STREET, SUITE 4980 HOUSTON TX 77002 HOUSTON TX 77002 UNITED STATES UNITED STATES Last Name, First Name, Middle Name: Wall, Timothy O. Mailing Address: Delivery Address: THREE ALLEN CENTRE THREE ALLEN CENTRE 333 CLAY STREET, SUITE 4980 333 CLAY STREET, SUITE 4980 HOUSTON TX 77002 HOUSTON TX 77002 UNITED STATES UNITED STATES RESOLUTION DATES: Date(s) of Resolution(s) or Court Order(s) attaching or altering Special Rights and Restrictions attached to a class or a series of shares: July 13, 2015 February 22, 2018 AUTHORIZED SHARE STRUCTURE 1. 46,000,000 Common Shares Without Par Value With Special Rights or Restrictions attached ___________________________________________________ 2. 50,000,000 Class A Preferred Shares Without Par Value With Special Rights or Restrictions attached ___________________________________________________ 1. 50,000,000 Series 1 Special Rights or Restrictions are attached 3. 50,000,000 Class B Preferred Shares Without Par Value With Special Rights or Restrictions attached ___________________________________________________ 1. 50,000,000 Series 1 Special Rights or Restrictions are attached Page: 3 of 3