Intrepid Announces 1-for-10 Reverse Stock Split
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
Intrepid’s transfer agent,
Additional information about the reverse stock split can be found in Intrepid's definitive proxy statement filed with the
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.
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
Source: Intrepid Potash, Inc