Upon completion of the merger, current Midstates stockholders, collectively, and current Amplify stockholders, collectively, will each own approximately 50% of the outstanding common stock of the combined company
Image: Amplify Energy announces shareholder approval of merger with Midstates. Photo: courtesy of Monika Wrangel from Pixabay
Amplify Energy Corp. (OTCQX: AMPY) (“Amplify” or the “Company”) and Midstates Petroleum Company, Inc. (NYSE: MPO) (“Midstates”) announced that the proposals necessary for the companies’ previously announced all-stock, merger-of equals transaction were approved today by Amplify’s stockholders at the Amplify special meeting and by Midstates’ stockholders at the Midstates annual meeting.
The transaction is expected to close on August 6, 2019, subject to satisfaction of remaining customary closing conditions. Amplify stockholders will receive 0.933 shares of Midstates common stock for each share of Amplify common stock. Upon completion of the merger, current Midstates stockholders, collectively, and current Amplify stockholders, collectively, will each own approximately 50% of the outstanding common stock of the combined company.
The combined company will retain the name Amplify Energy Corp. and will remain headquartered in Houston. Amplify’s President and Chief Executive Officer, Ken Mariani, will continue to lead the combined company and the new Board of Directors will include members who currently serve on the Amplify and Midstates Boards.
Amplify will issue a press release and an updated investor presentation on August 6, 2019, which will include pro-forma guidance and return of capital plans for the merged company. Amplify will also conduct a conference call on August 6, 2019 to further discuss the combined company and address investor questions.
Source: Company Press Release