secwatch.observer — SEC 8-K summary
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Issuer:     TEAM INC (TISI)
CIK:        0000318833
Form:       8-K
Filed at:   2022-12-22T23:59:59+00:00
Accession:  0000318833-22-000136
Event type: other_material
Sentiment:  neutral
Materiality: 0.60
Item codes: 3.03, 5.03, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Team, Inc. completes 1-for-10 reverse stock split, reduces authorized shares to 12M
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- Effective 5:00 p.m. ET Dec 21, 2022; shares begin trading split-adjusted on NYSE Dec 22 under same ticker TISI with new CUSIP 878155 308.
- Outstanding shares reduced from ~43.4M to ~4.34M; authorized shares reduced from 120M to 12M.
- Fractional shares eliminated; cash payment based on aggregate sale by transfer agent Computershare, not closing price (correction issued Dec 22).
- Conversion rate on 5.00% Convertible Senior Notes due 2023 adjusted from 46.0829 to 4.6083 shares per $1,000 principal.
- Proportionate adjustments made to warrants, equity awards, and convertible securities.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/318833/000031883322000136/0000318833-22-000136-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/318833/000031883322000136/tisi-20221221.htm
  HTML page:      https://secwatch.observer/filing/0000318833-22-000136

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer