(Reuters) - Shares of Whiting Petroleum Corp fell as much as 5.7 percent on Wednesday after the oil and gas producer announced a 1-for-4 reverse stock split that will be effective Thursday.
Whiting also said it would limit the total number of common shares it can issue to 225 million from 600 million. It currently has about 362 million shares outstanding.
The company’s shares were down 4.6 percent at $6.68 in late morning trading. They have fallen nearly 42 percent this year.
Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Savio D'Souza