Intrepid Announces Return to Compliance Under NYSE Listing Standards; Reverse Stock Split
DENVER, CO, June 03, 2020 (GLOBE NEWSWIRE) -- Intrepid Potash Inc. (NYSE:IPI) (“Intrepid”) today announced that on June 2, 2020 it received written notice from the New York Stock Exchange (“NYSE”) stating that Intrepid had regained compliance with the applicable NYSE minimum share price requirement.
On April 17, 2020, Intrepid previously received notice from the NYSE that its stock price had fallen out of compliance with NYSE continued listing standards. Under NYSE listing standards, Intrepid could regain compliance at any time during the original 6 month cure period if its common stock had 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. Since the original notice from the NYSE, Intrepid’s stock price improved and closed on Friday, May 29, 2020 at $1.23 per share, with an average closing price exceeding $1.00 per share over the previous 30 trading days. Accordingly, Intrepid has regained compliance with the NYSE minimum share price requirement and the matter is now closed.
As approved by its Board of Directors, Intrepid is pursuing a reverse stock split. Specific terms of the reverse split will depend on a variety of factors at the time of the reverse split, including Intrepid’s stock price, and implementation of a reverse stock split will be subject to stockholder approval.
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 , 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. 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 Finance
Phone: 303-996-3048
