New Concept Energy recesses annual meeting for additional votes

On Thursday, New Concept Energy, Inc. (NYSE American:GBR), a Dallas-based company in the crude petroleum and natural gas industry with trailing twelve-month revenue of $0.15 million, announced the recess of its Annual Meeting of Stockholders initially scheduled for December 19, 2024.

According to InvestingPro data, the company maintains strong liquidity with a current ratio of 7.48, though it faces profitability challenges with negative EBITDA of $0.25 million. The recess aims to allow further solicitation of proxies as recommended by Broadridge, despite the presence of a quorum.

The meeting, which was reconvened after a previous adjournment, is set to address the election of directors and the ratification of the company's independent registered public accounting firm. The timing of this meeting comes as the company's stock has experienced significant pressure, with InvestingPro data showing a 7.69% decline over the past week and a more substantial 26.46% drop over the last six months.

InvestingPro subscribers have access to 6 additional key insights about GBR's financial health and market position. As of the record date on October 28, 2024, there were 5,131.934 shares of Common Stock and 559 shares of Series B Preferred Stock outstanding, each entitled to one vote.

The Chair decided to further recess the Annual Meeting until December 31, 2024, at 10:30 a.m. to gather additional votes. A quorum requires the presence, in person or by proxy, of stockholders entitled to cast at least 2,566,247 votes. During the interim, New Concept Energy's management and Board of Directors will continue to seek additional proxies.

New Concept Energy, previously known as CabelTel International Corp, Greenbriar Corp, and Medical (TASE:PMCN) Resource Companies of America, has undergone several name changes, with the most recent being in 2005. InvestingPro analysis indicates the company currently maintains a weak overall financial health score of 1.72, with detailed metrics and future growth projections available to subscribers. The company's President and Chief Financial Officer, Gene S. Bertcher, signed off on the SEC filing, dated December 19, 2024, confirming the details of the recessed meeting.

In other recent news, New Concept Energy announced that its Annual Meeting of Stockholders has been adjourned due to the lack of a quorum. The company currently shows a weak financial health score of 1.67, with negative EBITDA of $0.25 million in the last twelve months, according to InvestingPro data. The meeting was convened to elect directors and ratify the appointment of the company's independent registered public accounting firm.

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