Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Market for Registrant’s Common Equity. Our Predecessor common stock was listed on the Nasdaq under the symbol “OAS” through October 11, 2020. On October 12, 2020, our Predecessor common stock was suspended from trading on the Nasdaq and commenced trading on the OTC Pink Marketplace under the symbol “OASPQ.” On the Emergence Date and pursuant to the Plan, all existing shares of our Predecessor common stock were cancelled and we issued 20,000,000 shares of the Successor’s common stock. Our Successor common stock commenced trading on the Nasdaq on November 20, 2020.
Dividends. We declared a dividend of $0.375 per share of common stock payable as of March 22, 2021 to shareholders of record as of March 8, 2021. We have not paid cash dividends on our common stock in the past, and future dividend payments will depend on our earnings, financial condition, capital requirements, level of indebtedness, statutory and contractual restrictions applicable to the payment of dividends and other considerations that our Board of Directors deems relevant.
Holders. As of February 22, 2021, the number of record holders of our common stock was six. Based on inquiry, management believes that the number of beneficial owners of our common stock is approximately 2,179 as of February 22, 2021.
On March 5, 2021, the last sale price of our common stock, as reported on the Nasdaq, was $58.68 per share.
Unregistered Sales of Securities. There were no sales of unregistered securities during the year ended December 31, 2020.
Issuer Purchases of Equity Securities. The following table contains information about our acquisition of equity securities during the three months ended December 31, 2020:
Period Total Number of Shares Exchanged (1)
Average Price Paid per Share Total Number of
Shares Purchased as Part of Publicly Announced Plans or Programs Maximum Number
(or Approximate Dollar Value) of Shares that May Be
Purchased Under the
Plans or Programs
October 1 – October 31, 2020 (Predecessor) 2,674 $ 0.20 — —
November 1 – November 19, 2020 (Predecessor) 851,537 0.12 — —
November 20 – November 30, 2020 (Successor) — — — —
December 1 – December 31, 2020 (Successor) — — — —
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(1) Represent shares that employees surrendered back to us that equaled in value the amount needed to pay payroll tax withholding obligations upon the vesting of equity awards. These repurchases were not part of a publicly announced program to repurchase shares of our common stock, nor do we have a publicly announced program to repurchase shares of our common stock.
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Stock Performance Graph. The following performance graph and related information is “furnished” with the SEC and shall not be deemed “soliciting material” or to be “filed” with the SEC, nor shall such information be incorporated by reference into any future filing under the Securities Act or the Exchange Act, except to the extent that we specifically request that such information be treated as “soliciting material” or specifically incorporate such information by reference into such a filing.
The performance graph shown below compares the cumulative total return to our common stockholders as compared to the cumulative total returns on the Standard and Poor’s 500 Index (“S&P 500”) and the Standard and Poor’s 500 Oil & Gas Exploration & Production Index (“S&P 500 O&G E&P”) for the period of November 20, 2020 (the date the Successor’s common stock commenced trading) through December 31, 2020. The comparison was prepared based upon the following assumptions:
1. $100 was invested in our common stock, the S&P 500 and the S&P 500 O&G E&P on November 20, 2020 at the closing price on such date; and
2. Dividends were reinvested.
Item 6. Selected Financial Data
We have early adopted the SEC’s Disclosure Modernization Final Rule, effective February 10, 2021, for Item 301 of Regulation S-K. As such, Item 6. Selected Financial Data has not been provided.
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Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.