Intrepid Potash Announces Stockholder Approval of Reverse Split Proposals and Receipt of NYSE Continued Listing Standard Notice
Intrepid plans to convene its Board to discuss a possible split on
NYSE Continued Listing Standard Notice
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
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
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 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
Source: Intrepid Potash, Inc