Vital Energy Announces Conversion of 2.0% Cumulative Convertible Series A Preferred Stock

Source: www.gulfoilandgas.com 11/21/2023, Location: North America

Vital Energy, Inc. (NYSE: VTLE) ("Vital Energy" or the "Company") today announced its intention to mandatorily convert all outstanding shares of its 2.0% Cumulative Mandatorily Convertible Series A Preferred Stock, par value $0.01 per share (the "Series A Preferred Stock"), into shares of the Company’s common stock, par value $0.01 per share, on November 29, 2023 pursuant to the terms of the Certificate of Designations of 2.0% Cumulative Mandatorily Convertible Series A Preferred Stock. Holders of Series A Preferred Stock do not need to take any action. As of November 21, 2021, the Company had 6,131,381 shares of Series A Preferred Stock outstanding.

On November 29, 2023, each outstanding share of Series A Preferred Stock will automatically convert into one (1) share of common stock. The number of shares of common stock issuable on conversion was determined as set forth in the Certificate of Designations.

Upon conversion, the Series A Preferred Stock will no longer be outstanding and all rights with respect to the Series A Preferred Stock will cease and terminate following receipt of the number of shares of common stock issuable upon conversion of the Series A Preferred Stock.


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