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New Era Helium Inc. (NASDAQ:NEHC), a micro-cap company with a market value of $9.7 million involved in crude petroleum and natural gas, reported the departure of two board members on Thursday. Phil Kornbluth and Stan Boroweic have resigned from their positions effective May 28, 2025. According to the company’s recent 8-K filing with the Securities and Exchange Commission, both resignations were not due to any disagreements with the company, its management, or its board.
Kornbluth has offered to provide consulting services post-resignation if requested by the company. Meanwhile, New Era Helium is actively seeking suitable replacements for the vacated board positions. The search for new members is underway to fill the gaps left by Kornbluth and Boroweic.
The company, with its headquarters located at 4501 Santa Rosa Dr., Midland, TX, and listed under the symbol NEHC, has indicated that the board changes will not affect its operations or strategic direction. According to InvestingPro data, the company faces significant financial challenges, with its stock down nearly 89% year-to-date and currently trading at $0.67. New Era Helium is recognized as an emerging growth company and has not elected to use the extended transition period for complying with new or revised financial accounting standards.
Investors and stakeholders have been assured of the company’s commitment to maintaining its governance standards and ensuring a smooth transition. The SEC filing provides the official record of these corporate governance changes. InvestingPro analysis reveals concerning financial metrics, including weak overall financial health and rapid cash burn. Subscribers can access 11 additional key insights about NEHC’s financial position and market performance.
In other recent news, New Era Helium has received a notice from Nasdaq indicating non-compliance with the minimum Market Value of Publicly Held Shares (MVPHS), which must be at least $15 million. The company has until November 12, 2025, to meet this requirement or face potential delisting, although it may appeal any delisting decision. Additionally, New Era Helium is also not meeting Nasdaq’s Minimum Bid Price Requirement, as its stock has closed below $1.00 for the last 30 consecutive business days. In response to these challenges, the company is actively seeking ways to address the compliance issues.
New Era Helium has also revised its equity purchase agreement with an institutional investor, allowing for more flexible terms in selling shares. The updated agreement removes certain pricing restrictions and permits the deferral of principal payments on promissory notes due in the coming months. Meanwhile, the company has announced a delay in the operational start of its Pecos Slope Plant, now expected in Q4 2025, due to financing challenges. To mitigate the impact, New Era Helium is planning for helium offtake agreements to ensure continuous production monetization.
In another strategic move, New Era Helium’s joint venture, Texas Critical Data Centers, LLC, has signed a Letter of Intent to acquire land for a data center in Texas, aligning with its strategy to diversify revenue. CEO E. Will Gray II has expressed the company’s commitment to a vertically integrated strategy across multiple sectors. These developments highlight New Era Helium’s efforts to navigate current challenges and pursue growth opportunities.
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