Intrepid Announces Return to Compliance Under NYSE Listing Standards; Reverse Stock Split
June 03 2020 - 7:00AM
Intrepid Potash Inc. (NYSE:IPI) (“Intrepid”) today announced that
on June 2, 2020 it received written notice from the New York Stock
Exchange (“NYSE”) stating that Intrepid had regained
compliance with the applicable NYSE minimum share price
requirement.
On April 17, 2020, Intrepid previously received notice from the
NYSE that its stock price had fallen out of compliance with NYSE
continued listing standards. Under NYSE listing standards, Intrepid
could regain compliance at any time during the original 6 month
cure period if its common stock had a closing price of at least
$1.00 per share on the last trading day of any calendar month
during the cure period and an average closing price of at least
$1.00 per share of common stock over the 30-trading-day period
ending on the last trading day of that month. Since the original
notice from the NYSE, Intrepid’s stock price improved and closed on
Friday, May 29, 2020 at $1.23 per share, with an average closing
price exceeding $1.00 per share over the previous 30 trading days.
Accordingly, Intrepid has regained compliance with the NYSE minimum
share price requirement and the matter is now closed.
As approved by its Board of Directors, Intrepid is pursuing a
reverse stock split. Specific terms of the reverse split will
depend on a variety of factors at the time of the reverse split,
including Intrepid’s stock price, and implementation of a reverse
stock split will be subject to stockholder approval.
About Intrepid:
Intrepid is a diversified mineral company that delivers
potassium, magnesium, sulfur, salt, and water products essential
for customer success in agriculture, animal feed, and the oil and
gas industry. Intrepid is the only U.S. producer of
muriate of potash, which is applied as an essential nutrient for
healthy crop development, utilized in several industrial
applications, and used as an ingredient in animal feed. In
addition, Intrepid produces a specialty fertilizer, Trio®, which
delivers three key nutrients, potassium, magnesium, and sulfate, in
a single particle. Intrepid also provides water, magnesium
chloride, brine, and various oilfield products and
services.Intrepid serves diverse customers in markets where a
logistical advantage exists and is a leader in the use of solar
evaporation for potash production, resulting in lower cost and more
environmentally friendly production. Intrepid's mineral production
comes from three solar solution potash facilities and one
conventional underground Trio® mine.
Intrepid routinely posts important information, including
information about upcoming investor presentations and press
releases, on its website under the Investor Relations tab.
Investors and other interested parties are encouraged to enroll
at intrepidpotash.com, to receive automatic email alerts for
new postings.
Forward-Looking Statements
This press release includes certain statements concerning
expectations for the future that are forward-looking within the
meaning of the federal securities laws. Forward-looking statements
contain known and unknown risks and uncertainties (many of which
are difficult to predict and beyond management's control) that may
cause Intrepid’s actual results in future periods to differ
materially from anticipated or projected results. Forward-looking
statements in this press release include, among others, statements
regarding Intrepid’s plans for a reverse stock split. An extensive
list of specific material risks and uncertainties affecting
Intrepid is contained in its Annual Report on Form 10-K for the
year ended December 31, 2019, and the most recent quarterly and
current reports filed with the Securities and Exchange Commission
from time to time. Any forward-looking statements in this press
release are made as of the date of this press release, and Intrepid
undertakes no obligation to update or revise any forward-looking
statements to reflect new information or events.
Contact: Matt Preston, Vice President of
FinancePhone: 303-996-3048
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