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Seadrill Partners (SDLP) has just announced that it will have a one-for-ten reverse unit split which is expected to be effective after the close of trading on July 1, 2019. The reverse split will reduce the number of common units from 75,278,250 to approximately 7,527,825 common units. The number of subordinated units will decrease from 16,543,350 to approximately 1,654,335 units.
This reverse split is done to satisfy listing requirements, since the units have traded firmly below $1.00 level since March 2019. In the recent earnings call, Seadrill Partners indicated that it was