Gran Tierra Energy Inc. Completes Reverse Stock Split

CALGARY, Alberta, May 05, 2023 (GLOBE NEWSWIRE) -- Gran Tierra Energy Inc. (“Gran Tierra” or the “Company”) (NYSE American:GTE) (TSX:GTE) (LSE:GTE) announced today that it has completed the previously announced 1-for-10 reverse stock split (the “reverse stock split”) of the Company’s common stock, par value $0.01 per share. The reverse stock split was previously approved by the Company’s board of directors in February 2023 and by the Company’s stockholders at the annual meeting of stockholders on May 3, 2023.

The Company filed an amendment to its certificate of incorporation to effectuate the reverse stock split as of 12:01 a.m. Eastern Time on May 5, 2023, and the Company’s common stock will begin trading on a split-adjusted basis as of the opening of trading on May 5, 2023, on the NYSE American and the London Stock Exchange (“LSE”). On May 5, 2023, trading on the Toronto Stock Exchange (“TSX”) will occur on an unconsolidated basis under the former CUSIP number, with trading on a split-adjusted basis under the new CUSIP number beginning on the TSX as of the opening of trading on May 8, 2023. Following the applicable effective date on each stock exchange, shares of the Company’s common stock will continue to trade on the NYSE American and TSX with a new CUSIP number (38500T 200), and on the LSE with a new ISIN number (US38500T2006), in each case under the symbol “GTE”.

As a result of the reverse stock split, every ten (10) of the Company’s issued shares of common stock were automatically combined into one issued share of common stock, without any change to the par value per share. This reduced the number of issued and outstanding shares of common stock from approximately 333.0 million shares to approximately 33.3 million shares. The Company’s outstanding options were proportionately adjusted to increase the exercise price and reduce the number of shares issuable upon exercise.

If, as a result of the reverse stock split, a stockholder was otherwise entitled to a fraction of a share of common stock in respect of the total aggregate number of pre-reverse stock split shares held by such stockholder, no such fractional shares were awarded. The aggregate number of post-reverse stock split shares of common stock that such stockholder is entitled to was, if the fraction was less than half a share, rounded down to the next nearest whole number of shares, and if the fraction was at least half of a share, rounded up to the nearest whole number of shares, with all shares of common stock held by a beneficial holder being aggregated.