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Houston American Energy Corp. Announces 1-for-10 Reverse Stock Split
Houston American Energy Corp. Announces 1-for-10 Reverse Stock Split

Business Upturn

time4 days ago

  • Business
  • Business Upturn

Houston American Energy Corp. Announces 1-for-10 Reverse Stock Split

HOUSTON, TX, May 28, 2025 (GLOBE NEWSWIRE) — Houston American Energy Corp. (NYSE American: HUSA) ('HUSA' or the 'Company') announced today that its Board of Directors approved a reverse stock split of the Company's common stock at a ratio of 1-for-10. The reverse stock split is intended to increase the market price per share of the Company's common stock and help the Company satisfy the initial listing requirements of the New York Stock Exchange American (the 'NYSE') in connection with the closing of HUSA's previously announced acquisition of Abundia Global Impact Group, LLC ('AGIG'). On April 24, 2025, at the Company's special meeting of stockholders, the Company's stockholders approved a reverse stock split of the Company's common stock at a ratio in the range of 1-for-5 to 1-for-60, with such ratio to be determined by the Company's Board of Directors. The reverse stock split is expected to be effective after market close on June 6, 2025 (the 'Effective Time') and the Company's common stock will begin trading on a split-adjusted basis on the NYSE at the market open on June 9, 2025. At the Effective Time, every 10 issued and outstanding shares of the Company's common stock will be converted into one share of the Company's common stock. Once effective, the reverse stock split will reduce the number of issued and outstanding shares of common stock from approximately 15,686,533 to approximately 1,568,653 shares. Each stockholder's percentage ownership interest in the Company will remain unchanged as a result of the reverse stock split. No fractional shares shall be issued in connection with the reverse stock split, and any fractional shares resulting from the reverse stock split will be rounded up at the participant level with The Depository Trust Company. Each certificate that immediately prior to the Effective Time represented shares of common stock shall thereafter represent that number of shares of common stock into which the shares of common stock represented by the certificate shall have been combined, subject to the elimination of fractional share interests as described above. Holders of the Company's common stock held in book-entry form or through a bank, broker or other nominee do not need to take any action in connection with the reverse stock split. Stockholders of record will be receiving information from Standard Registrar & Transfer Co., Inc., the Company's transfer agent, regarding their stock ownership following the reverse stock split. The reverse stock split will not modify any rights or preferences of the Company's common stock. The trading symbol for the Company's common stock will remain 'HUSA.' The new CUSIP number for the Company's common stock following the reverse stock split will be 44183U 308. Additional information about the reverse stock split can be found in the Company's Definitive Proxy Statement filed with the Securities and Exchange Commission (the 'SEC') on April 11, 2025, a copy of which is also available at or at under the SEC Filings tab located in the Reports and Filings page. About HUSA HUSA is an independent oil and gas company focused on the development, exploration, exploitation, acquisition, and production of natural gas and crude oil properties. Our principal properties, and operations, are in the U.S. Permian Basin. Additionally, we have properties in the Louisiana U.S. Gulf Coast region. For more information, please visit: Important Information About the Proposed Acquisition and Where to Find It This press release relates to the previously announced proposed acquisition of Abundia Global Impact Group, LLC ('AGIG'), pursuant to the share exchange agreement, dated as of February 20, 2025, by and among HUSA and AGIG (the 'Proposed Acquisition'). For additional information on the Proposed Acquisition, see HUSA's Current Report on Form 8-K, filed on February 24, 2025, as well as the proxy statement dated April 11, 2025, that was delivered to HUSA's stockholders as of the applicable record date established for voting on the Proposed Acquisition. HUSA also will file other documents regarding the Proposed Acquisition with the SEC. Investors and stockholders of HUSA are urged to carefully read the entire proxy statement and any other relevant documents filed with the SEC, as well as any amendments or supplements thereto, because they will contain important information about the Proposed Acquisition. The documents filed by HUSA with the SEC may be obtained free of charge at the SEC's website at or by directing a request to HUSA at 801 Travis Street, Suite 1425, Houston, Texas 77002. Cautionary Note Regarding Forward-Looking Information: This news release contains 'forward-looking information' and 'forward-looking statements' (collectively, 'forward-looking information') within the meaning of, and subject to the safe harbor created by, Section 27A of the Securities Act, Section 21E of the Exchange Act and the Private Securities Litigation Reform Act of 1995, which are referred to as the 'safe harbor provisions.' Statements contained or incorporated by reference in this press release that are not historical facts are forward-looking statements, including statements regarding HUSA's or AGIG's business and future financial and operating results, and other aspects of HUSA's or AGIG's operations or operating results. Words such as 'may,' 'should,' 'will,' 'believe,' 'expect,' 'anticipate,' 'target,' 'project,' and similar phrases that denote future expectations or intent regarding HUSA's or AGIG's financial results, operations, and other matters are intended to identify forward-looking statements that are intended to be covered by the safe harbor provisions. Investors are cautioned not to rely upon forward-looking statements as predictions of future events. The outcome of the events described in these forward-looking statements is subject to known and unknown risks, uncertainties, and other factors that may cause future events to differ materially from the forward-looking statements in this press release including: risks relating to fluctuations of the market value of common stock, including as a result of uncertainty as to the long-term value of the common stock of HUSA or as a result of broader stock market movements; the occurrence of any event, change, or other circumstances that could give rise to the termination of the Share Exchange Agreement; failure to attract, motivate and retain executives and other key employees; disruptions in the business of HUSA or AGIG, which could have an adverse effect on their respective businesses and financial results; the unaudited pro forma combined consolidated financial information in the proxy statement is presented for illustrative purposes only and may not be reflective of the operating results and financial condition of the combination of HUSA and AGIG; and other risks and uncertainties set forth in the sections entitled 'Risk Factors' and 'Cautionary Note Regarding Forward-Looking Statements' in the proxy statement, as well as HUSA's most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, and other documents filed by HUSA from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. The forward-looking statements included in this press release are made only as of the date hereof. HUSA does not undertake to update, alter, or revise any forward-looking statements made in this report to reflect events or circumstances after the date of this report or to reflect new information or the occurrence of unanticipated events, except as required by law. For additional information, view the company's website at or contact Houston American Energy Corp. at (713) 222-6966. Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same.

Houston American Energy Corp. Announces 1-for-10 Reverse Stock Split
Houston American Energy Corp. Announces 1-for-10 Reverse Stock Split

Yahoo

time4 days ago

  • Business
  • Yahoo

Houston American Energy Corp. Announces 1-for-10 Reverse Stock Split

HOUSTON, TX, May 28, 2025 (GLOBE NEWSWIRE) -- Houston American Energy Corp. (NYSE American: HUSA) ('HUSA' or the 'Company') announced today that its Board of Directors approved a reverse stock split of the Company's common stock at a ratio of 1-for-10. The reverse stock split is intended to increase the market price per share of the Company's common stock and help the Company satisfy the initial listing requirements of the New York Stock Exchange American (the 'NYSE') in connection with the closing of HUSA's previously announced acquisition of Abundia Global Impact Group, LLC ('AGIG'). On April 24, 2025, at the Company's special meeting of stockholders, the Company's stockholders approved a reverse stock split of the Company's common stock at a ratio in the range of 1-for-5 to 1-for-60, with such ratio to be determined by the Company's Board of Directors. The reverse stock split is expected to be effective after market close on June 6, 2025 (the 'Effective Time') and the Company's common stock will begin trading on a split-adjusted basis on the NYSE at the market open on June 9, 2025. At the Effective Time, every 10 issued and outstanding shares of the Company's common stock will be converted into one share of the Company's common stock. Once effective, the reverse stock split will reduce the number of issued and outstanding shares of common stock from approximately 15,686,533 to approximately 1,568,653 shares. Each stockholder's percentage ownership interest in the Company will remain unchanged as a result of the reverse stock split. No fractional shares shall be issued in connection with the reverse stock split, and any fractional shares resulting from the reverse stock split will be rounded up at the participant level with The Depository Trust Company. Each certificate that immediately prior to the Effective Time represented shares of common stock shall thereafter represent that number of shares of common stock into which the shares of common stock represented by the certificate shall have been combined, subject to the elimination of fractional share interests as described above. Holders of the Company's common stock held in book-entry form or through a bank, broker or other nominee do not need to take any action in connection with the reverse stock split. Stockholders of record will be receiving information from Standard Registrar & Transfer Co., Inc., the Company's transfer agent, regarding their stock ownership following the reverse stock split. The reverse stock split will not modify any rights or preferences of the Company's common stock. The trading symbol for the Company's common stock will remain 'HUSA.' The new CUSIP number for the Company's common stock following the reverse stock split will be 44183U 308. Additional information about the reverse stock split can be found in the Company's Definitive Proxy Statement filed with the Securities and Exchange Commission (the 'SEC') on April 11, 2025, a copy of which is also available at or at under the SEC Filings tab located in the Reports and Filings page. About HUSA HUSA is an independent oil and gas company focused on the development, exploration, exploitation, acquisition, and production of natural gas and crude oil properties. Our principal properties, and operations, are in the U.S. Permian Basin. Additionally, we have properties in the Louisiana U.S. Gulf Coast region. For more information, please visit: Important Information About the Proposed Acquisition and Where to Find It This press release relates to the previously announced proposed acquisition of Abundia Global Impact Group, LLC ('AGIG'), pursuant to the share exchange agreement, dated as of February 20, 2025, by and among HUSA and AGIG (the 'Proposed Acquisition'). For additional information on the Proposed Acquisition, see HUSA's Current Report on Form 8-K, filed on February 24, 2025, as well as the proxy statement dated April 11, 2025, that was delivered to HUSA's stockholders as of the applicable record date established for voting on the Proposed Acquisition. HUSA also will file other documents regarding the Proposed Acquisition with the SEC. Investors and stockholders of HUSA are urged to carefully read the entire proxy statement and any other relevant documents filed with the SEC, as well as any amendments or supplements thereto, because they will contain important information about the Proposed Acquisition. The documents filed by HUSA with the SEC may be obtained free of charge at the SEC's website at or by directing a request to HUSA at 801 Travis Street, Suite 1425, Houston, Texas 77002. Cautionary Note Regarding Forward-Looking Information: This news release contains 'forward-looking information' and 'forward-looking statements' (collectively, 'forward-looking information') within the meaning of, and subject to the safe harbor created by, Section 27A of the Securities Act, Section 21E of the Exchange Act and the Private Securities Litigation Reform Act of 1995, which are referred to as the 'safe harbor provisions.' Statements contained or incorporated by reference in this press release that are not historical facts are forward-looking statements, including statements regarding HUSA's or AGIG's business and future financial and operating results, and other aspects of HUSA's or AGIG's operations or operating results. Words such as 'may,' 'should,' 'will,' 'believe,' 'expect,' 'anticipate,' 'target,' 'project,' and similar phrases that denote future expectations or intent regarding HUSA's or AGIG's financial results, operations, and other matters are intended to identify forward-looking statements that are intended to be covered by the safe harbor provisions. Investors are cautioned not to rely upon forward-looking statements as predictions of future events. The outcome of the events described in these forward-looking statements is subject to known and unknown risks, uncertainties, and other factors that may cause future events to differ materially from the forward-looking statements in this press release including: risks relating to fluctuations of the market value of common stock, including as a result of uncertainty as to the long-term value of the common stock of HUSA or as a result of broader stock market movements; the occurrence of any event, change, or other circumstances that could give rise to the termination of the Share Exchange Agreement; failure to attract, motivate and retain executives and other key employees; disruptions in the business of HUSA or AGIG, which could have an adverse effect on their respective businesses and financial results; the unaudited pro forma combined consolidated financial information in the proxy statement is presented for illustrative purposes only and may not be reflective of the operating results and financial condition of the combination of HUSA and AGIG; and other risks and uncertainties set forth in the sections entitled 'Risk Factors' and 'Cautionary Note Regarding Forward-Looking Statements' in the proxy statement, as well as HUSA's most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, and other documents filed by HUSA from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. The forward-looking statements included in this press release are made only as of the date hereof. HUSA does not undertake to update, alter, or revise any forward-looking statements made in this report to reflect events or circumstances after the date of this report or to reflect new information or the occurrence of unanticipated events, except as required by law. For additional information, view the company's website at or contact Houston American Energy Corp. at (713) in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

Genworth Financial Announces Results of Annual Meeting
Genworth Financial Announces Results of Annual Meeting

Yahoo

time22-05-2025

  • Business
  • Yahoo

Genworth Financial Announces Results of Annual Meeting

RICHMOND, Va., May 22, 2025--(BUSINESS WIRE)--Genworth Financial, Inc. (NYSE: GNW) announced the election of all ten director nominees at its 2025 annual meeting of stockholders today. The board members re-elected were G. Kent Conrad, Karen E. Dyson, Jill R. Goodman, Melina E. Higgins, Thomas J. McInerney, Howard D. Mills, III, Robert P. Restrepo Jr., Elaine A. Sarsynski, Ramsey D. Smith, and Steven C. Van Wyk. At the annual meeting, stockholders also approved the advisory vote on named executive officer compensation and the 2025 Omnibus Incentive Plan. In addition, stockholders ratified the selection of KPMG LLP as Genworth's independent registered public accounting firm for 2025. In addition, stockholders approved an amendment to the Amended and Restated Certificate of Incorporation of Genworth Holdings, Inc. to remove the "Pass-Through Voting" provision. The terms of the amendment to the Amended and Restated Certificate of Incorporation of Genworth Holdings, Inc. are described in greater detail in our Definitive Proxy Statement filed with the Securities and Exchange Commission on April 7, 2025. About Genworth FinancialGenworth Financial, Inc. (NYSE: GNW) is a Fortune 500 holding company focused on empowering families to navigate the aging journey with confidence, now and in the future. Headquartered in Richmond, Virginia, Genworth and its CareScout businesses provide guidance, products, and services that help people understand their caregiving options and fund their long-term care needs. Genworth is also the parent company of publicly traded Enact Holdings, Inc. (Nasdaq: ACT), a leading U.S. mortgage insurance provider. For more information on Genworth, visit and for more information on Enact visit View source version on Contacts Investors: InvestorInfo@ Media: Evans

Genworth Financial Announces Results of Annual Meeting
Genworth Financial Announces Results of Annual Meeting

Business Wire

time22-05-2025

  • Business
  • Business Wire

Genworth Financial Announces Results of Annual Meeting

RICHMOND, Va.--(BUSINESS WIRE)--Genworth Financial, Inc. (NYSE: GNW) announced the election of all ten director nominees at its 2025 annual meeting of stockholders today. The board members re-elected were G. Kent Conrad, Karen E. Dyson, Jill R. Goodman, Melina E. Higgins, Thomas J. McInerney, Howard D. Mills, III, Robert P. Restrepo Jr., Elaine A. Sarsynski, Ramsey D. Smith, and Steven C. Van Wyk. At the annual meeting, stockholders also approved the advisory vote on named executive officer compensation and the 2025 Omnibus Incentive Plan. In addition, stockholders ratified the selection of KPMG LLP as Genworth's independent registered public accounting firm for 2025. In addition, stockholders approved an amendment to the Amended and Restated Certificate of Incorporation of Genworth Holdings, Inc. to remove the 'Pass-Through Voting' provision. The terms of the amendment to the Amended and Restated Certificate of Incorporation of Genworth Holdings, Inc. are described in greater detail in our Definitive Proxy Statement filed with the Securities and Exchange Commission on April 7, 2025. About Genworth Financial Genworth Financial, Inc. (NYSE: GNW) is a Fortune 500 holding company focused on empowering families to navigate the aging journey with confidence, now and in the future. Headquartered in Richmond, Virginia, Genworth and its CareScout businesses provide guidance, products, and services that help people understand their caregiving options and fund their long-term care needs. Genworth is also the parent company of publicly traded Enact Holdings, Inc. (Nasdaq: ACT), a leading U.S. mortgage insurance provider. For more information on Genworth, visit and for more information on Enact visit

Innovative Food Holdings, Inc. Announces 2025 Annual Meeting, and CEO Letter to Shareholders
Innovative Food Holdings, Inc. Announces 2025 Annual Meeting, and CEO Letter to Shareholders

Yahoo

time13-05-2025

  • Business
  • Yahoo

Innovative Food Holdings, Inc. Announces 2025 Annual Meeting, and CEO Letter to Shareholders

BROADVIEW, Ill., May 13, 2025 (GLOBE NEWSWIRE) -- Innovative Food Holdings, Inc. (OTCQB: IVFH) ('IVFH' or the 'Company'), a national seller of gourmet specialty foods to professional chefs, today announced the timing for the Company's 2025 annual meeting of shareholders and shared a letter from the Chief Executive Officer to the Company's shareholders. Annual Meeting of Shareholders The Company will be hosting its annual meeting of shareholders in person on May 28, 2025 at 10:00 a.m. Eastern Time at the Courtyard by Marriott, 114 West 40th St, New York, New York. Please reference the Company's Definitive Proxy Statement as filed with the U.S. Securities and Exchange Commission on May 5, 2025 for full details on the agenda for the meeting. This will be a great opportunity for investors to meet the Company's board of directors and management team. CEO Letter to Shareholders Included in the Company's Proxy Statement for its upcoming Annual Meeting of Shareholders is the following letter from the Company's Chief Executive Officer, Bill Bennett: May 5, 2025 Dear fellow stockholders, As we turn the page on 2024 and look ahead to the future, I want to begin by thanking you for your continued support and trust. Each year, I am reminded of just how important our shareholder community is to the success and evolution of Innovative Food Holdings, Inc. ('IVFH'). Thank you for your continued support and confidence during this year of significant transformation and growth. 2024 was a pivotal year. We moved beyond stabilization and into strategic execution, accelerating our progress across multiple fronts. When I joined IVFH, we laid out a clear roadmap to long-term value creation. That roadmap remains our north star: Phase 1: Stabilization – Restructure the business, strengthen the balance sheet, and improve gross margins. Phase 2: Lay the Foundation for Growth – Optimize operations, focus the business, and execute strategic acquisitions. Phase 3: Build and Scale – Expand markets, scale revenue, and activate a profitable flywheel. I'm proud to share that Phase 1 is now complete, and Phase 2 is well underway. The business is healthier, more focused, and more dynamic than it has been in years. Executing on Strategy Our 2024 achievements speak for themselves: We divested all non-core operations, including and eliminating distractions and financial drag. We improved our financial flexibility by selling our Florida headquarters and rightsizing our cost structure. We focused entirely on our core foodservice distribution business, which delivered organic revenue growth (excluding the impact of divestitures and acquisitions) of 44.3% in Q4 2024, most of which was driven by the new retail business we launched this year. We completed our first two acquisitions, the first in five years—Golden Organics and LoCo Foods—that are both profitable and synergistic. We launched a national retail distribution partnership, creating a new revenue stream with immediate and material scale. Despite a year of structural change, we grew revenue to $72.1 million—up 2.5% year-over-year. GAAP net income improved by $6.2 million to $2.5 million. These gains are especially meaningful given our continued investment in growth-related expenses in our new retail platform and integration costs from our recent acquisitions. Disciplined, Synergistic M&A We continue to evaluate acquisitions through four key lenses: Immediately accretive profitability Attractive valuation, before considering synergies Strategic fit Right-sized for integration Golden Organics and LoCo Foods were clear fits. Already, their integration has unlocked real value—lower logistics costs (down 60%), reduced driver hours (down 50%), and elimination of a $158,000 annual facility expense. There is significant work ahead as we focus on fully integrating the companies to our platform, and begin to prove their long-term flywheel effect, but the early progress demonstrates the speed at which we're moving. In 2025, our focus will remain squarely on integrating these acquisitions, building scalable systems, and strengthening the foundation. While we do not expect to pursue additional M&A this year, we are laying the groundwork for the next chapter in Phase 3. Founder Mode: A Renewed Focus on Digital Channels Our legacy drop ship business is an important part of our platform; however sales continued to decline year-over-year in 2024. To accelerate its rebound, I have taken direct ownership of the team and infused a renewed sense of urgency, with a focus on 1) accelerating catalog expansion through cutting-edge AI tools, 2) adding headcount in sales to deepen relationships at both the distributor and local market levels, and 3) integrating the catalogs from our new acquisitions to begin driving a flywheel effect. We are applying the same founder-like energy that helped this business succeed in its early days, and I am confident in the results to come. Momentum Across the Portfolio Beyond our core businesses, we are seeing strength in several additional channels: Artisan Specialty Foods: sustained double-digit growth Airline catering: sustained double-digit growth Amazon: triple-digit revenue growth Each of these verticals plays a role in our diversified growth strategy, and each contributes to a less concentrated, more balanced and resilient business. The Road Ahead We ended 2024 with clear momentum. We strengthened our focus, delivered profitable growth, and built the early pieces of a scalable platform. And we did it while remaining disciplined and aligned to our long-term vision. Looking forward, our priorities are clear: Drive profitable growth across foodservice and retail Successfully integrate Golden Organics and LoCo Foods Continue scaling operational excellence and technology enablement Position the company for Phase 3 acceleration We are building a stronger, more durable IVFH. Our long-term ambition—a $1 billion revenue company—is bold, but our roadmap is grounded in real progress. As part of this road ahead, three of our long-time board members are stepping down: Sam Klepfish, Hank Cohn, and Jefferson Gramm. We are incredibly grateful for their tremendous contributions to the company. Accordingly, we are shrinking the size of the board from eight members to five, with each of our remaining directors standing for re-election. I have full confidence in our remaining board members, who are all stockholders themselves, and who bring diverse expertise and a shared commitment to driving our company forward over the long term. Finally, I want to thank our employees, customers, board members, and you—our stockholders. We are grateful for your trust and excited about what we can achieve together. With deep appreciation and confidence in the future, Robert W. (Bill) BennettChief Executive OfficerInnovative Food Holdings About Innovative Food Holdings, Inc. At IVFH, we help make meals special. We provide access to foods that are hard to find, have a compelling story, or are on the forefront of food trends. Our gourmet foods marketplace connects the world's best artisan food makers with top professional chefs nationwide. We curate the assortment, experience, and tech enabled tools that help our professional chefs create unforgettable experiences for their guests. Additional information is available at Forward-Looking StatementsThis release contains certain forward-looking statements and information relating to the Company that are based on the current beliefs of the Company's management, as well as assumptions made by, and information currently available to, the Company. Such statements, including those related to the Company's growth plans, reflect the current views of the Company with respect to future events and are subject to certain assumptions, including those described in this release. Should one or more of these underlying assumptions prove incorrect, actual results may vary materially from those described herein, which include words such as 'should,' 'could,' 'will,' 'anticipate,' 'believe,' 'intend,' 'plan,' 'might,' 'potentially,' 'targeting,' 'expect,' or similar expressions. Additional factors that could also cause actual results to differ materially relate to current conditions and expected future developments, international crises, environmental and economic issues and other risk factors described in the Company's public filings. As a result, readers are cautioned not to place undue reliance on these forward-looking statements and should understand that these statements are not guarantees of performance or results and that there are a number of risks, uncertainties and other important factors, many of which are beyond the Company's control, that could cause the Company's actual results to differ materially from those expressed in these statements, including, among others: economic factors affecting consumer confidence and discretionary spending; cost inflation/deflation and commodity volatility; competition; reliance on third party suppliers and interruption of product supply or increases in product costs; changes in the Company's relationships with vendors and customers. The Company does not intend to update these forward-looking statements. For a detailed discussion of these risks, uncertainties and other factors that could cause the Company's actual results to differ materially from those anticipated or expressed in any forward-looking statements, see the section entitled 'Risk Factors' in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the Securities and Exchange Commission ('SEC'). Additional risks and uncertainties are discussed from time to time in current, quarterly and annual reports filed by the Company with the SEC, which are available on the SEC's website at Investor and Media contact:Gary SchubertChief Financial OfficerInnovative Food Holdings, in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

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