Intrepid Announces 1-for-10 Reverse Stock Split
August 13 2020 - 4:05PM
Intrepid Potash Inc. (NYSE:IPI) (“Intrepid”) announced today that
it will effect a 1-for-10 reverse stock split of its common stock
effective 5:00 pm Eastern on Thursday, August 13, 2020. Intrepid’s
common stock will begin trading on a split-adjusted basis when
markets open on Friday, August 14, 2020. Intrepid’s Board of
Directors approved the split and determined the 1-for-10 ratio to
be appropriate to meet Intrepid’s goals of improving the
marketability and liquidity of its common stock, regaining
compliance with NYSE listing requirements, and minimizing the risk
of future noncompliance, allowing Intrepid’s management team to
focus on the company’s underlying business.
The reverse stock split will reduce the number of shares of
Intrepid’s common stock currently outstanding from approximately
133 million shares to approximately 13 million shares.
Proportionate adjustments will be made to the number of shares to
be issued under Intrepid’s Equity Incentive Plan. The number of
authorized shares of Intrepid’s common stock will be reduced from
400 million to 40 million, which will maintain the proportion of
the number of authorized shares of Intrepid’s common stock relative
to the number of shares of common stock issued and outstanding.
Intrepid’s common stock will continue to trade on the NYSE under
the symbol “IPI.” A new CUSIP number of 46121Y201 has been assigned
to the common stock in connection with the reverse stock split.
Information for Stockholders
Upon the effectiveness of the reverse stock split, each ten (10)
shares of the Intrepid's common stock issued and outstanding will
be automatically combined and converted into one (1) share of
common stock, par value $0.001 per share. No fractional shares will
be issued in connection with the reverse stock split. Any
fractional share of common stock that would otherwise have resulted
from the reverse stock split will be paid to holders in the form of
a check issued by Intrepid’s Transfer Agent using proceeds from the
aggregation and sale of all fractional shares resulting from the
split.
Intrepid’s transfer agent, Computershare Trust Company, N.A.,
will act as exchange agent for the reverse stock split, and will
provide stockholders of record holding certificates representing
pre-split shares of the Company's common stock as of the effective
date with a letter of transmittal providing instructions for the
exchange of stock certificates for post-split shares. Registered
stockholders holding pre-split shares of the Company's common stock
electronically in book-entry form are not required to take any
action to receive post-split shares. Stockholders owning shares via
a broker or other nominee will have their positions automatically
adjusted to reflect the reverse stock split, subject to the
broker's or nominee's particular procedures for processing the
reverse stock split. Computershare Trust Company can be reached at
800-962-4284.
Additional information about the reverse stock split can be
found in Intrepid's definitive proxy statement filed with the
Securities and Exchange Commission on June 30, 2020, a copy of
which is available at www.sec.gov and at www.intrepidpotash.com in
the SEC Filings section under Financial Information located on the
Investor Relations page.
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 and reduction
in authorized shares and the effect of the same on Intrepid, its
business, management, and price, liquidity of and market for its
common stock. 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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