Intrepid Potash Announces Stockholder Approval of Reverse Split Proposals and Receipt of NYSE Continued Listing Standard Noti...
July 30 2020 - 4:05PM
Intrepid Potash Inc. (NYSE:IPI) (“Intrepid” or the “Company”) today
announced that at the special meeting of stockholders held on July
28, 2020, Intrepid’s stockholders voted to approve all proposals
presented, which together grant Intrepid’s Board of Directors (the
“Board”) authority to effect a reverse stock split of its shares of
common stock at a ratio not less than 1-for-3 and not greater than
1-for-15 and, conditional on the split, to effect a corresponding
reduction in the number of authorized common shares according to
the criteria outlined in Intrepid’s Definitive Proxy Statement
dated June 30, 2020.
Intrepid plans to convene its Board to discuss a possible split
on August 10, 2020. In accordance with the approved proposals, the
exact ratio and effective date of the split, if the Board elects to
pursue one, will be set within the approved range at the sole
discretion of the Board without further approval or authorization
of Intrepid's stockholders.
NYSE Continued Listing Standard Notice
On July 24, 2020, Intrepid received formal notice of
non-compliance with the New York Stock Exchange (“NYSE”) share
price continued listing standards, which require a listed common
stock to maintain a minimum average closing price of $1.00 per
share for 30 consecutive days.
Under NYSE rules, Intrepid generally has six months following
receipt of the notification to regain compliance with this
continued listing standard and avoid delisting, subject to any
extensions by NYSE. As required by NYSE rules, the Company will
notify the NYSE within 10 business days of its intent to cure the
share price deficiency. The Company can regain compliance at any
time during the cure period if its common stock has 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. If both a
$1.00 end-of-month trading price and a $1.00 average closing share
price over the 30-trading-day period ending on the last day of the
month are not achieved on any given month during the cure period,
the NYSE will commence suspension and delisting procedures. The
Company is in compliance with all other NYSE continued listing
standard rules.
Subject to its compliance with other continued listing
requirements, Intrepid’s common stock will continue to be listed
and trade on the NYSE during the cure period outlined above under
the symbol “IPI” but will have an added designation of “.BC” to
indicate the status of the common stock as below compliance. The
current non-compliance with the NYSE listing standards does not
affect Intrepid’s ongoing business operations or its U.S.
Securities and Exchange Commission reporting requirements, nor does
it trigger any violation of the Company’s material debt
obligations. In addition to a reverse split of common stock, the
Company is considering all other available options to regain
compliance with the NYSE’s continued listing standards.
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 ability to regain compliance with the NYSE’s
continued listing standards and whether any potential reverse stock
split of the Company’s shares of common stock and corresponding
reduction in the number of authorized shares of common stock will
help Intrepid regain compliance with the NYSE’s continued listing
standards. 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 other
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 conform the statements to
actual results or to reflect new information or future events.
Contact: Matt Preston, Vice President of
FinancePhone: 303-996-3048Email:
matt.preston@intrepidpotash.com
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