Current Report Filing (8-k)
August 19 2021 - 5:19PM
Edgar (US Regulatory)
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2021-08-17
2021-08-17
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: August 17, 2021
(Date of earliest event reported)
Intrepid
Potash, Inc.
(Exact name of registrant as specified in
its charter)
Delaware
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001-34025
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26-1501877
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(State or other jurisdiction
of incorporation)
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(Commission
File Number)
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(I.R.S. Employer
Identification No.)
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1001 17th Street, Suite 1050
Denver, Colorado 80202
(Address of principal executive offices and
zip code)
(303) 296-3006
(Registrant’s telephone number, including
area code)
Not Applicable
(Former name or former address, if changed
since last report)
Check the appropriate box below if the Form 8-K filing
is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General
Instruction A.2. below):
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¨
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Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)
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¨
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Soliciting material pursuant to Rule 14a-12 under the Exchange
Act (17 CFR 240.14a-12)
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¨
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Pre-commencement communications pursuant to Rule 14d-2(b) under
the Exchange Act (17 CFR 240.14d-2(b))
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¨
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Pre-commencement communications pursuant to Rule 13e-4(c) under
the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of
the Act:
Title of each class
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Trading symbol
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Name of each exchange on which registered
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Common Stock, par value $0.001 per share
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IPI
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New York Stock Exchange
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Indicate by checkmark whether the registrant is an emerging
growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities
Exchange Act of 1934 (§240.12b-2 of this chapter)
Emerging
growth company ¨
If an emerging
growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with
any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
As previously disclosed, Intrepid
Potash Inc. (“Intrepid”) has been involved in a multi-year adjudication proceeding in the Fifth Judicial District Court
for the County of Chaves in the State of New Mexico regarding the validity of Intrepid’s water rights from the Pecos River. On
August 17, 2021, the Fifth Judicial District Court, which serves as the adjudication court for the Pecos Stream System, ruled
that all of Intrepid’s Pecos River water rights, except for 150 acre feet per year for salt processing use, were either
forfeited or abandoned before 2017. Based on the ruling, Intrepid no longer has water rights available for commercial use from
the Pecos River. Intrepid reserves the right to appeal the ruling and is reviewing its options.
Intrepid relied primarily upon the Pecos River
to deliver water under a long-term sales contract with a customer, which had a $32.5 million outstanding contract liability as of June 30,
2021. Intrepid has worked closely with this customer since the inception of this proceeding, especially over the past 18 months while
these water rights have been unavailable, and will continue to work with this customer on methods to satisfy its obligations through additional
services or sources of water, or repay the contract liability. As of the date of this filing, Intrepid has sufficient liquidity to
satisfy this obligation, if necessary, without a material adverse effect to its operations.
Intrepid’s Caprock and South Ranch water
rights were not part of the adjudication process in this proceeding, and Intrepid has sufficient water to continue its current mining
operations and to meet its other sales obligations.
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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INTREPID POTASH, INC.
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Dated: August 19, 2021
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By:
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/s/ Matthew D. Preston
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Matthew D. Preston
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Vice President of Finance
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