Fuel distributor CW Petroleum (OTCPK:CWPE) has picked a date in late January for a planned reverse stock split and updated financial statements for its filing for a proposed $15M public offering and uplisting.
CW Petroleum said that it intends to conduct a 20-for-1 reverse stock split on Jan. 27. The company has applied to uplist its shares to Nasdaq under the symbol CWPE. The company had planned to conduct a similar split on Sept. 23.
The energy company said that for the nine-month ended Sept. 30, it reported a net loss of $263K on revenue of $5.8M.
CW Petroleum plans to offer 3.2M units priced at $4.75 per unit, a number that could likely change. Each unit would consist of one share plus two warrants to buy one share apiece for $4.75 per share.
Underwriters would be granted a 45-day option to buy up to 474K additional shares. EF Hutton is serving as lead underwriter.
Based in Texas, CWPE is a wholesale distributor of traditional diesel and gasoline along with blended fuels such as biodiesel.
Read the original article