The proposal of adoption of BCM Energy’s restated certificate of incorporation to effect a 50-to-one reverse stock split was approved by the holders of 85.7% of the outstanding shares of the company.
BCM Energy chairman and CEO Gerald Bailey said the corporate action reflects the company’s collective resolve to further position it for raising capital and enhancing the market appeal to institutional investors, in order to create value for current and future shareholders.
BCM Energy acquires distressed oil and gas assets with the intent to build a portfolio of proven reserves associated with producing wells.
