Great Panther Mining Receives Continued Listing Standards Notice from NYSE American

Rhea-AI Summary

Great Panther Mining Limited (NYSE: GPL) announced it received a notice from NYSE American regarding non-compliance with continued listing requirements due to its share price averaging below $0.20 for 30 trading days. The company plans to take action to regain compliance, potentially through a reverse stock split, with an upcoming shareholder vote scheduled for June 29, 2022. Despite this, the listing on the Toronto Stock Exchange remains unaffected. The company continues to focus on its growth as a precious metals producer throughout the Americas.

Positive

• Company's listing on the TSX remains unaffected.
• Continued listing on NYSE American while attempting to regain compliance.
• Potential for share value improvement through reverse stock split.

Negative

• Non-compliance with NYSE American listing requirements.
• Share price has averaged below $0.20 for an extended period.

TSX: GPR | NYSE American: GPL

This news release constitutes a "designated news release" for the purposes of the Company's prospectus supplement dated October 15, 2021, to its short form base shelf prospectus dated September 10, 2021.

VANCOUVER, BC, June 10, 2022 /PRNewswire/ - Great Panther Mining Limited (TSX: GPR) (NYSE-A: GPL) ("Great Panther" or the "Company"), a growth-oriented precious metals producer focused on the Americas, reports that it has received notice (the "Notice") from NYSE American LLC ("NYSE American") that it has fallen below the continued listing requirement related to the price of its common stock on the NYSE American. The NYSE American determined that because the Company's securities have been selling for a low price per share for a substantial period, which the NYSE determines to be a 30-trading-day average of less than $0.20, the Company was not in compliance with Section 1003(f)(v) of the NYSE American Company Guide.

The Company intends to take steps to regain compliance with NYSE American continued listing requirements. In the Notice, the NYSE American informed the Company that its continued listing is predicated on demonstrating sustained price improvement above $0.20 per share no later than by December 6, 2022, which could be achieved by effecting a reverse stock split of its common stock. At the Company's upcoming AGM on June 29, 2022, shareholders will be asked to vote on a resolution that will grant the Company's Board of Directors the discretion to authorize a reverse stock split in order to satisfy continued listing requirements. More information can be found in the Company's Management Information Circular dated May 16, 2022, available on the Company's website at www.greatpanther.com/investors/agm, on SEDAR at www.sedar.com or on EDGAR at www.sec.gov/edgar.shtml.

The Company's listing on the Toronto Stock Exchange ("TSX") is unaffected by any actions of the NYSE. The Company's common stock will continue to be listed on the NYSE American while it attempts to regain compliance with the listing standards, subject to the Company's compliance with other continued listing requirements. The NYSE American notification does not affect the Company's business operations or its reporting obligations under the Securities and Exchange Commission regulations and rules.

ABOUT GREAT PANTHER

Great Panther is a growth-oriented precious metals producer focused on the Americas. The Company owns a portfolio of assets in Brazil, Mexico and Peru that includes three gold and silver mines, an advanced development project and a large land package with district-scale potential. Great Panther is focused on creating long-term stakeholder value through safe and sustainable production, reinvesting into exploration and pursuing acquisition opportunities to complement its existing portfolio. Great Panther trades on the Toronto Stock Exchange under the symbol GPR and on the NYSE American under the symbol GPL.

For more information, please contact:

Fiona Grant Leydier
Vice President, Investor Relations
T : +1 604 638 8956
TF : 1 888 355 1766
E : fgrant@greatpanther.com
W : www.greatpanther.com

CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION 

This news release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of Canadian securities laws (together, "forward-looking statements"). Such forward-looking statements may include, but are not limited to, statements regarding the Company's expectations that it will meet the NYSE American continued listing standards, and the Company's growth orientation and focus on creating long-term stakeholder value through safe and sustainable production, reinvesting into exploration and pursuing acquisition opportunities to complement its existing portfolio.

These forward-looking statements and information reflect the Company's current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by the Company, are inherently subject to significant operational, business, economic and regulatory risks and uncertainties, including risks relating to the Company's ability to regain compliance with NYSE American listing standards, and those described in respect of Great Panther in its most recent annual information form and management's discussion and analysis filed with the Canadian Securities Administrators and available at www.sedar.com and its most recent annual report on Form 40-F and management's discussion and analysis on Form 6-K filed with the Securities and Exchange Commission and available at www.sec.gov.

There is no assurance that these forward-looking statements will prove accurate or that actual results will not vary materially from these forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described, or intended. Accordingly, readers are cautioned not to place undue reliance on forward looking statements. Forward-looking statements and information are designed to help readers understand management's current views of our near- and longer-term prospects and may not be appropriate for other purposes. The Company does not intend, nor does it assume any obligation to update or revise forward-looking statements or information, whether as a result of new information, changes in assumptions, future events or otherwise, except to the extent required by applicable law. 

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SOURCE Great Panther Mining Limited

FAQ

What is the recent notice Great Panther Mining received from NYSE American concerning GPL?

Great Panther Mining received a notice of non-compliance due to its stock price averaging below $0.20 for 30 trading days.

What steps will Great Panther Mining take to comply with NYSE standards?

The company plans a potential reverse stock split and seeks shareholder approval at the AGM on June 29, 2022.

What is the deadline for Great Panther Mining to regain compliance with NYSE American?

Great Panther must demonstrate compliance by December 6, 2022.

Will the notice from NYSE American affect Great Panther Mining's business operations?

The notice does not impact the company’s business operations or its reporting obligations.

Is Great Panther Mining still listed on the TSX after the NYSE notice?

Yes, Great Panther's listing on the Toronto Stock Exchange remains unaffected.