CALGARY, Alberta, May 3, 2023 (GLOBE NEWSWIRE) — Gran Tierra Energy Inc. (“Gran Tierra“ or the “Pursue“) GTE GTE GTE announced today that the Company’s shareholders have approved a 10-for-1 reverse stock split at its annual general meeting on May 3, 2023 “reverse stock split”) of the Company’s common stock with a par value of $0.01 per share. The reverse stock split was previously approved by the Company’s board of directors in February 2023, subject to shareholder approval.

The Company plans to file an amendment to its articles of incorporation to effect the reverse stock split on May 5, 2023 at 12:01 a.m. Eastern time, and the Company’s common shares are expected to start trading on a split-adjusted basis from that date, beginning with the May 5, 2023 open to trading the NYSE American trading on the Toronto Stock Exchange (“TSX”) and the London Stock Exchange (“LSE”) on a split-adjusted basis, expected to be after and subject to the satisfaction of certain customary conditions with the TSX, the LSE and the Financial Conduct Authority. After the effective date of each exchange, the Company’s common stock will continue to trade on the NYSE American and TSX with a new CUSIP number (38500T 200) and on the LSE with a new ISIN number (US38500T2006), each under the symbol “ GTE”.

When the reverse stock split becomes effective, every ten (10) of the Company’s issued common shares will be consolidated into one issued common share with no change in par value per share. This will reduce the number of common shares issued and outstanding to approximately 33.3 million shares from approximately 333.0 million shares. The Company’s outstanding options will be adjusted proportionately to increase the exercise price and reduce the number of shares to be issued upon exercise.

If, as a result of the reverse stock split, a shareholder would otherwise be entitled to a fraction of a common share…