SPRING, Texas, Dec. 06, 2018 (GLOBE NEWSWIRE) -- GeoMet, Inc. (OTC: GMET; OTC: GMETP) (“GeoMet” or the “Company”) today announced its final distribution to the holders of its Series A Convertible Redeemable Preferred Stock, par value $0.001 per share (the “Preferred Stock”), and the holders of its common stock, par value $0.001 per share (the “Common Stock”).
On November 16, 2018, the Company filed a Motion for Final Distribution to Stockholders in the Court of Chancery of the State of Delaware (the "Court") requesting that the Court authorize the Company to make a final liquidating distribution to its stockholders in an aggregate amount of $2,808,928.
On December 5, 2018, the Court entered an Order that, among other things, determined that (i) GeoMet shall continue its existence, solely for the purpose of making a final distribution to its stockholders (the “Final Distribution”), until the close of business on December 21, 2018 and the close of business on the date that the Final Distribution is made to its stockholders, and (ii) authorized the Company to distribute an aggregate amount of $2,808,928 to the Company’s stockholders.
On December 5, 2018, GeoMet’s Board of Directors (the “Board”) unanimously approved a liquidating distribution in the amount of $2,808,928, in aggregate, to its stockholders of record as of December 17, 2018 (the “Record Date”). On December 21, 2018, a cash distribution in the aggregate amount of $2,640,392 (94% of the amount approved by the Board) will be made to the holders of its Preferred Stock as of the Record Date (or $0.3658565 per share based on 7,217,015 shares of Preferred Stock issued and outstanding as of the Record Date) and a cash distribution in the aggregate amount of $168,536 (6% of the amount approved by the Board) will be made to the holders of its Common Stock as of the Record Date (or $0.0041600 per share based on 40,513,373 shares of Common Stock issued and outstanding as of the Record Date).
In accordance with the Court's Order, the legal existence of GeoMet will be terminated at the close of business on December 21, 2018, assuming that the final liquidating distribution is made.
For more information you may visit our website at http://www.geometinc.com.