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A Honolulu-based company with resort real estate investments on Hawaii island as well as oil and natural gas production operations in Canada is in danger of having its stock delisted from the NYSE American stock exchange.
Barnwell Industries Inc. disclosed Wednesday that NYSE American, formerly known as the American Stock Exchange, informed the company that it has not met financial conditions for maintaining its stock listing on the exchange.
The warning gives Barnwell time to correct the shortcoming while its stock continues to trade on the exchange. Barnwell said it intends to submit a plan by Feb. 12 on how the company can regain rule compliance by July 13, 2021. If the plan is accepted, Barnwell will be able to maintain its stock listing subject to periodic NYSE American reviews.
Barnwell has had a financial loss in two of its last three fiscal years and has less than $2 million in assets after subtracting liabilities. This asset value, sometimes referred to as shareholder equity, was $1.2 million for Barnwell at the close of its fiscal year ending Sept. 30. The company lost $12.4 million and $1.8 million, respectively, in its last two fiscal years.
Shares of Barnwell fell 9 cents Wednesday to close at $1.18. Its 52-week high was $1.55 on March 22 while its 52-week low was 35 cents on Nov. 1.
