Barnwell Industries, Inc. Reports on NYSE American Noncompliance Notice and Compliance Plan
January 15 2020 - 6:00AM
Barnwell Industries, Inc. (NYSE American: BRN) (the “Company”)
today announced it has received written communication from NYSE
American LLC (the “Exchange”), the Company’s current listing
exchange, stating that it is not in compliance with certain
continued listing standards as set forth in the NYSE American
Company Guide. Based on the Company’s annual report on Form 10-K
for the fiscal year ended September 30, 2019, which was filed with
the Securities and Exchange Commission (SEC) on December 20, 2019,
the Company is below compliance with Part 10, Sections 1003(a)(i)
and (a)(ii) of the NYSE American Company Guide since it reported
stockholders’ equity of $1.2 million and net losses in fiscal years
ended September 30, 2019, September 30, 2018 and September 30,
2016.
In order to maintain its listing, the Company
intends to submit a plan of compliance by February 12, 2020
addressing how it intends to regain compliance with certain
Exchange continued listing standards by July 13, 2021. If the plan
is accepted, the Company shall maintain its listing but will be
subject to periodic reviews by the Exchange. The Company is
pursuing options to address the Exchange’s notification and intends
to submit a plan of compliance on or before the deadline set forth
by the Exchange.
The NYSE American notification does not affect
the Company’s business operations or the listing of the Company’s
shares on the Exchange, and does not represent any change or
amendment to the Company's consolidated financial statements or to
its annual report on Form 10-K for the year ended September 30,
2019.
The information contained in this press release
contains “forward-looking statements,” within the meaning of the
Private Securities Litigation Reform Act of 1995, Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. A forward-looking
statement is one which is based on current expectations of future
events or conditions and does not relate to historical or current
facts. These statements include various estimates, forecasts,
projections of Barnwell’s future performance, statements of
Barnwell’s plans and objectives, and other similar statements.
Forward-looking statements include phrases such as “expects,”
“anticipates,” “intends,” “plans,” “believes,” “predicts,”
“estimates,” “assumes,” “projects,” “may,” “will,” “will be,”
“should,” or similar expressions. Although Barnwell believes that
its current expectations are based on reasonable assumptions, it
cannot assure that the expectations contained in such
forward-looking statements will be achieved. Forward-looking
statements involve risks, uncertainties and assumptions which could
cause actual results to differ materially from those contained in
such statements. The risks, uncertainties and other factors that
might cause actual results to differ materially from Barnwell’s
expectations are set forth in the “Forward-Looking Statements,”
“Risk Factors” and other sections of Barnwell’s annual report on
Form 10-K for the last fiscal year and Barnwell’s other filings
with the Securities and Exchange Commission. Investors should not
place undue reliance on the forward-looking statements contained in
this press release, as they speak only as of the date of this press
release, and Barnwell expressly disclaims any obligation or
undertaking to publicly release any updates or revisions to any
forward-looking statements contained herein.
CONTACT: |
Alexander C. Kinzler |
|
Chief Executive Officer and
President |
|
|
|
Russell M. Gifford |
|
Executive Vice President and
Chief Financial Officer |
|
|
|
Tel: (808) 531-8400 |
|
|
Barnwell Industries (AMEX:BRN)
Historical Stock Chart
From Mar 2024 to Apr 2024
Barnwell Industries (AMEX:BRN)
Historical Stock Chart
From Apr 2023 to Apr 2024