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In a recent move, Barnwell Industries Inc. (NYSE American:BRN), a company specializing in crude petroleum and natural gas, has altered its corporate bylaws, affecting stockholder meeting rights. Effective February 4, 2025, the Board of Directors approved a modification to the company’s bylaws that eliminates the provision allowing stockholders with at least a 25% share in the company’s issued and outstanding capital stock to call a special meeting. According to InvestingPro data, the company maintains a moderate debt level with a debt-to-equity ratio of just 0.01, suggesting a conservative financial approach.
This amendment to Article I, Section 1.2 of the Bylaws was disclosed in a Form 8-K filing with the Securities and Exchange Commission (SEC). The revised bylaws are attached to the filing as Exhibit 3.2 and are incorporated by reference, providing the full details of the changes.
Barnwell Industries, headquartered in Honolulu, Hawaii, is incorporated in Delaware and operates under the SIC code 1311, which designates companies in the crude petroleum and natural gas sector. The company’s fiscal year-end is September 30, and it is listed on the NYSE American stock exchange under the ticker symbol BRN. InvestingPro analysis reveals the company generated revenue of $21.72 million in the last twelve months, with an EBITDA of $2.69 million, though it currently operates at a loss with negative earnings per share of $0.56.
The company’s decision to amend its bylaws reflects a shift in the governance structure, specifically concerning how and when stockholders can convene special meetings. The updated bylaws are now in effect following the Board’s approval.
This development is based on the company’s recent SEC filing and is intended to inform stockholders and potential investors of the changes in stockholder rights. The implications of this amendment on stockholder engagement and corporate governance practices may be of interest to the investment community.
For further details and a comprehensive understanding of the bylaw changes, interested parties can refer to the full text of Barnwell Industries’ Amended and Restated Bylaws, which are publicly available in the SEC filing. InvestingPro subscribers can access additional insights, including 12+ more ProTips and detailed financial health metrics, which currently indicate an overall FAIR rating for the company with particularly strong scores in cash flow management.
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