Intrepid Potash Announces Stockholder Approval of Reverse Split Proposals and Receipt of NYSE Continued Listing Standard Notice

DENVER, CO, July 30, 2020 (GLOBE NEWSWIRE) -- Intrepid Potash Inc. (NYSE:IPI) (“Intrepid” or the “Company”) today announced that at the special meeting of stockholders held on July 28, 2020, Intrepid’s stockholders voted to approve all proposals presented, which together grant Intrepid’s Board of Directors (the “Board”) authority to effect a reverse stock split of its shares of common stock at a ratio not less than 1-for-3 and not greater than 1-for-15 and, conditional on the split, to effect a corresponding reduction in the number of authorized common shares according to the criteria outlined in Intrepid’s Definitive Proxy Statement dated June 30, 2020.

Intrepid plans to convene its Board to discuss a possible split on August 10, 2020. In accordance with the approved proposals, the exact ratio and effective date of the split, if the Board elects to pursue one, will be set within the approved range at the sole discretion of the Board without further approval or authorization of Intrepid's stockholders.

NYSE Continued Listing Standard Notice

On July 24, 2020, Intrepid received formal notice of non-compliance with the New York Stock Exchange (“NYSE”) share price continued listing standards, which require a listed common stock to maintain a minimum average closing price of $1.00 per share for 30 consecutive days.

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 $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. If both a $1.00 end-of-month trading price and a $1.00 average closing share price over the 30-trading-day period ending on the last day of the month are not achieved on any given month during the cure period, the NYSE will commence suspension and delisting procedures. The Company is in compliance with all other NYSE continued listing standard rules.