Ivanhoe Energy proposes share consolidation on Nasdaq to remain compliant

CALGARY – Ivanhoe Energy Inc. (TSX:IE) is asking shareholders to consider a consolidation of the company’s shares on the Nasdaq.

The energy company says the reverse-split would keep it compliant with the New York stock market’s requirements, which set a minimum bid price on publicly-listed companies.

Over the past three years, shares of Ivanhoe have tumbled from highs near US$11 to about 28 cents per share on Thursday, as the company battles project delays in Ecuador and debt challenges.

A special shareholders meeting to vote on the proposal is scheduled for Aug 13.

Ivanhoe says it must meet the Nasdaq requirements by Sept. 2.