The firm is past any point of salvaging value for the common or preferred stockholders as its creditors are taking major impairments. In the event of an oil & gas turnaround, Sandridge Energy could be in an interesting position with a reduced debt load, but for now common and preferred stock holders will, in all likelihood, be wiped out.
the last market cap when the stock was $.22 pps, the market cap was $9.6 million. That means the new stock should be valued at about $1.00 per share.
DATE: April 25, 2016
OPTION SYMBOL: 4/25/16 – SFYWQ remains SFYWQ (with adjusted deliverable described below)
4/26/16 - SFYWQ changes to SFYW1
STRIKE DIVISOR: 1
NEW MULTIPLIER: 100 (e.g., a premium of 1.50 yields $150; a strike of 1 yields $100.00)
PER CONTRACT: 1) 100 x the pro rata amount of (New) Swift Energy Company Common Shares
2) 100 x the pro rata amount of Swift Energy Company 2019 Warrants
3) 100 x the pro rata amount of Swift Energy Company 2020 Warrants
CUSIP: Common Shares: 87073T105
2019 Warrants: 87073T113
2020 Warrants: 87073T121
OCC will delay settlement of the Common Shares, 2019 Warrants, and 2020 Warrants components of the SFYW1 deliverable until the trading symbols and final distribution ratios are determined. Upon determination symbols and distribution ratios, OCC will require Put exercisers and Call assignees to deliver the appropriate number of Common Shares, 2019 Warrants and 2020 Warrants.
This Information Memo provides an unofficial summary of the terms of corporate events affecting listed options or futures prepared for the convenience of market participants. OCC accepts no responsibility for the accuracy or completeness of the summary, particularly for information which may be relevant to investment decisions. Option or futures investors should independently ascertain and evaluate all information concerning this corporate event(s).