HYCROFT GRANTED 180-DAY EXTENSION BY NASDAQ TO REGAIN COMPLIANCE WITH MINIMUM BID RULE

Rhea-AI Summary

Hycroft Mining Holding Corporation (Nasdaq: HYMC) has received a 180-day extension from Nasdaq to comply with the minimum bid price requirement, extending the deadline to October 2, 2023. This decision follows the Company's adherence to other listing requirements, with the exception of the bid price. Hycroft plans to monitor its common shares' bid price closely and may consider a reverse stock split to meet compliance. The Company is actively pursuing options to regain compliance and continues to operate in the Hycroft Mine in Northern Nevada.

Positive

• Received a 180-day extension from Nasdaq, allowing time to regain compliance with the minimum bid price requirement.
• Company meets other listing requirements, indicating overall stability.

Negative

• Dependency on potential reverse stock split to meet compliance requirements.
• Current bid price issue may create uncertainty among investors.

WINNEMUCCA, Nev., April 4, 2023 /PRNewswire/ -- Hycroft Mining Holding Corporation (Nasdaq: HYMC) ("Hycroft" or "the Company"), a gold and silver development company that owns the Hycroft Mine in the prolific mining region of Northern Nevada, today announced it has received an extension of 180 calendar days or until October 2, 2023, to regain compliance with Nasdaq's minimum bid price requirement.

Nasdaq's determination is based on the Company meeting the continued listing requirement for market value of publicly held shares and all other applicable requirements for initial listing on the Capital Market with the exception of the bid price requirement, and the Company's written notice of its intention to cure the deficiency during the second compliance period by effecting a reverse stock split, if necessary.  

The Company will monitor the closing bid price of its common shares and consider all available options to regain compliance with the minimum bid price requirement.

About Hycroft Mining Holding Corporation

Hycroft is a US-based, gold and silver company developing the Hycroft Mine located in the world-class mining region of Northern Nevada.

FOR FURTHER INFORMATION contact info@hycroftmining.com or visit our website at www.hycroftmining.com.

Diane R. Garrett,
President & CEO

Cautionary Note Regarding Forward-Looking Statements. 

This news release contains "forward-looking statements" within the meaning of Section 27A of the United States Securities Act of 1933, as amended, Section 21E of the United States Securities Exchange Act of 1934, as amended, or the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included herein and public statements by our officers or representatives, that address activities, events or developments that our management expects or anticipates will or may occur in the future, are forward-looking statements, including but not limited to such things as future business strategy, plans and goals, competitive strengths and expansion and growth of our business. The words "estimate", "plan", "anticipate", "expect", "intend", "believe" "target", "budget", "may", "can", "will", "would", "could", "should", "seeks", or "scheduled to" and similar words or expressions, or negatives of these terms or other variations of these terms or comparable language or any discussion of strategy or intention identify forward-looking statements. Forward-looking statements address activities, events, or developments that the Company expects or anticipates will or may occur in the future and are based on current expectations and assumptions. Forward-looking statements include, but are not limited to (i) risks related to changes in our operations at the Hycroft Mine, including risks associated with the cessation of mining operations at the Hycroft Mine; uncertainties concerning estimates of mineral resources; risks related to a lack of a completed feasibility study; and risks related to our ability to re-establish commercially feasible mining operations; (ii) industry related risks including fluctuations in the price of gold and silver; the commercial success of, and risks related to, our exploration and development activities; uncertainties and risks related to our reliance on contractors and consultants; availability and cost of equipment, supplies, energy, or reagents.  The exploration target does not represent, and should not be construed to be, an estimate of a mineral resource or mineral reserve, as ranges of potential tonnage and grade (or quality) of the exploration target are conceptual in nature; there has been insufficient exploration of the relevant property or properties to estimate a mineral resource; and it is uncertain if further exploration will result in the estimation of a mineral resource.  These risks may include the following and the occurrence of one or more of the events or circumstances alone or in combination with other events or circumstances may have a material adverse effect on the Company's business, cash flows, financial condition, and results of operations. Please see our "Risk Factors" set forth in our Annual Report on Form 10-K for the year ended December 31, 2022, and other reports filed with the SEC for more information about these and other risks. You are cautioned against attributing undue certainty to forward-looking statements. Although we have attempted to identify important factors that could cause actual results to differ materially from those described in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Although these forward-looking statements were based on assumptions that the Company believes are reasonable when made, you are cautioned that forward-looking statements are not guarantees of future performance and that actual results, performance, or achievements may differ materially from those made in or suggested by the forward-looking statements contained in this news release. In addition, even if our results, performance, or achievements are consistent with the forward-looking statements contained in this news release, those results, performance or achievements may not be indicative of results, performance or achievements in subsequent periods. Given these risks and uncertainties, you are cautioned not to place undue reliance on these forward-looking statements. Any forward-looking statements made in this news release speak only as of the date of those statements. We undertake no obligation to update those statements or publicly announce the results of any revisions to any of those statements to reflect future events or developments. 

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SOURCE Hycroft Mining Holding Corporation

FAQ

What extension did Hycroft Mining receive from Nasdaq?

Hycroft Mining received a 180-day extension to regain compliance with Nasdaq's minimum bid price requirement.

When is the deadline for Hycroft to regain compliance?

The deadline for Hycroft to regain compliance is October 2, 2023.

What actions is Hycroft considering to meet Nasdaq's requirements?

Hycroft is considering a reverse stock split and monitoring its common shares' bid price.

What are the implications of the Nasdaq compliance extension for HYMC stock?

The extension provides time for Hycroft to stabilize its stock price but indicates ongoing challenges with compliance.