New Concept Energy Delays Annual Meeting Due to Lack of Quorum

New Concept Energy, Inc. (NYSE:GBR) recently announced a delay in its Annual Meeting of Stockholders scheduled for December 4, 2024. The meeting was adjourned due to an insufficient number of votes to establish a quorum.

During the recess, which is now extended until December 19, 2024, the company’s management and board members plan to seek additional proxies to meet the quorum requirement. The meeting is crucial for electing directors and ratifying the appointment of an independent registered public accounting firm.

As of the record date on October 28, 2024, 5,131,934 shares of Common Stock and 559 shares of Series B Preferred Stock were outstanding, with each share entitling one vote. To achieve a quorum, a minimum of 2,566,247 votes from shareholders are required.

New Concept Energy aims to obtain the necessary proxies during this extended period to reconvene the Annual Meeting successfully. The Company’s leadership is actively working to encourage shareholder participation to ensure the meeting’s resumption and essential voting processes.

The delay represents a strategic move by the company to facilitate shareholder engagement and decision-making processes crucial for corporate governance. New Concept Energy remains committed to ensuring a transparent and effective Annual Meeting, prioritizing the interests of its shareholders in the decision-making procedures.

In other news, New Concept Energy’s financial well-being, technological innovations, and operational developments continue to influence its strategic trajectory, driving investor sentiment and market outlook.

The company is closely monitoring developments and will provide further updates as the Annual Meeting approaches its revised date on December 19, 2024. Shareholders are encouraged to participate in the voting process to support New Concept Energy’s corporate initiatives and governance objectives.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read New Concept Energy’s 8K filing here.

About New Concept Energy

New Concept Energy, Inc engages in real estate rental business. The company owns approximately 190 acres of land located in Parkersburg West Virginia. It also provides advisory and management services for an independent oil and gas company. The company was formerly known as CabelTel International Corporation and changed its name to New Concept Energy, Inc in May 2008.