Intrepid Potash, Inc. (NYSE:IPI) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
Item 3.01.
On April 17, 2020, Intrepid Potash, Inc. (the “Company”) received notice from the New York Stock Exchange (the “NYSE”) that it is no longer in compliance with Section 802.01C of the NYSE Listed Company Manual (“Section 802.01C”) that requires listed companies to maintain an average closing share price of at least $1.00 over a period of 30 consecutive trading days (the “Notice”).
to Section 802.01C, the Company generally has a period of six months following the receipt of the Notice to regain compliance with the minimum share price requirement, subject to any extensions by NYSE. The Company can regain compliance with the minimum share price requirement at any time during the cure period if, on the last trading day of any calendar month during the cure period or on the last day of the cure period, the Company has a closing share price of at least $1.00 per share and an average closing share price of at least $1.00 per share over the 30 trading-day period ending on such date. As required by the NYSE, the Company intends to notify the NYSE within ten business days of receipt of the Notice of its intent to cure the listing standard deficiency and regain compliance with the minimum share price requirement. The Company intends to consider all available options to cure the deficiency and restore compliance. The Company is in compliance with all other NYSE continued listing standard rules.
The Notice does not affect ongoing business operations of the Company or its reporting requirements with the Securities and Exchange Commission. nor does it trigger any violation of the Company’s material debt obligations. The Notice also has no immediate impact on the listing of the Company’s common stock, which will continue to be listed and traded on the NYSE during the cure period under the symbol “IPI” but will have an added designation of “.BC” to indicate the status of the common stock as below compliance. If the Company fails to regain compliance with Section 802.01C during the cure period, the Company’s common stock will be subject to the NYSE’s suspension and delisting procedures.
On April 23, 2020, the Company issued a press release announcing the receipt of the Notice. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The information furnished under this Item 7.01, including Exhibit 99.1, will not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 and will not be incorporated by reference into any filing under the Securities Act of 1933, except as expressly set forth by specific reference in that filing.
| 99.1 | Press Release of Intrepid Potash, Inc. dated April 23, 2020. |
Intrepid Potash, Inc. Exhibit
EX-99.1 2 tm2016769d1_ex99-1.htm EXHIBIT 99.1 Exhibit 99.1 Intrepid Potash Announces Receipt of NYSE Continued Listing Standard Notice DENVER,…
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About Intrepid Potash, Inc. (NYSE:IPI)
Intrepid Potash, Inc. is a producer of muriate of potash (potassium chloride or potash) and langbeinite (sulfate of potash magnesia) in the United States, which it markets and sells as Trio. The Company operates in the extraction, production and sale of potassium containing products segment. Its products are potash and Trio. The Company also produces salt, magnesium chloride and metal recovery salts from its potash mining processes. It owns approximately three solution mining facilities and over two conventional underground facilities that are utilized for producing potash. Its solution mining production comes from the HB mine near Carlsbad, New Mexico, a solution mine near Moab, Utah, and a brine recovery mine in Wendover, Utah. The Company’s production comes from its underground West and East mines near Carlsbad, New Mexico.
