Barnwell Industries, Inc. Announces July 13, 2021 Pro Forma Stockholders’ Equity in Excess of $4.0 Million
13 Julho 2021 - 8:34PM
Barnwell Industries, Inc. (NYSE American: BRN) (the “Company”,
“we”, “our”) announced today that it had unaudited pro forma
stockholders’ equity, as of July 13, 2021, in excess of the $4.0
million minimum amount of stockholders’ equity that the Company is
required to maintain under the NYSE American’s continued listing
standards.
As previously reported, on January 13, 2020, the
Company received notice from the NYSE American that the Company was
not in compliance with Section 1003(a)(i) and Section 1003(a)(ii)
of the NYSE American Company Guide (the “Guide”), which
respectively require an issuer to have (i) stockholders’ equity of
$2.0 million or more if such issuer reported losses from continuing
operations and/or net losses in two of its three most recent fiscal
years and (ii) stockholders’ equity of $4.0 million or more if such
issuer reported losses from continuing operations and/or net losses
in three of its four most recent fiscal years, since it had
reported stockholders’ equity of $1.2 million as of September 30,
2019 and net losses in three of the last four most recent fiscal
years then ended, and that the Company’s common stock could be at
risk of being delisted.
In accordance with the NYSE American’s policies
and procedures, we subsequently submitted a plan to the NYSE
American detailing the steps we planned to take to raise our
stockholders’ equity above $4.0 million and regain compliance with
Section 1003(a)(i) and Section 1003(a)(ii) of the Guide, and was
provided until July 13, 2021 by the NYSE American to regain such
compliance.
The Company’s estimated pro forma stockholders’
equity is described in greater detail in the Current Report on Form
8-K filed July 13, 2021 by the Company. A final determination of
compliance with the NYSE American’s continued listing standards is
subject to review by the NYSE American.
The information contained in this press release
contains “forward-looking statements,” within the meaning of the
Private Securities Litigation Reform Act of 1995, Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. A forward-looking
statement is one which is based on current expectations of future
events or conditions and does not relate to historical or current
facts. These statements include various estimates, forecasts,
projections of Barnwell’s future performance, statements of
Barnwell’s plans and objectives, and other similar statements.
Forward-looking statements include phrases such as “expects,”
“anticipates,” “intends,” “plans,” “believes,” “predicts,”
“estimates,” “assumes,” “projects,” “may,” “will,” “will be,”
“should,” or similar expressions. Although Barnwell believes that
its current expectations are based on reasonable assumptions, it
cannot assure that the expectations contained in such
forward-looking statements will be achieved. Forward-looking
statements involve risks, uncertainties and assumptions which could
cause actual results to differ materially from those contained in
such statements. The risks, uncertainties and other factors that
might cause actual results to differ materially from Barnwell’s
expectations are set forth in the “Forward-Looking Statements,”
“Risk Factors” and other sections of Barnwell’s annual report on
Form 10-K for the last fiscal year and Barnwell’s other filings
with the Securities and Exchange Commission. Investors should not
place undue reliance on the forward-looking statements contained in
this press release, as they speak only as of the date of this press
release, and Barnwell expressly disclaims any obligation or
undertaking to publicly release any updates or revisions to any
forward-looking statements contained herein.
CONTACT: |
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Alexander C. KinzlerChief Executive Officer and PresidentRussell M.
GiffordExecutive Vice President and Chief Financial OfficerTel:
(808) 531-8400 |
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