Golden Minerals Faces NYSE American Delisting, Shifts to OTC Markets Amid Financial Struggles

Golden Minerals Announces NYSE American Notice to Commence Delisting and Intended Transition to OTCQB Market

Rhea-AI Impact

(Neutral)

Rhea-AI Sentiment

(Negative)

Tags

12/06/2024 - 05:45 PM

GOLDEN, Colo.--(BUSINESS WIRE)-- Golden Minerals Company (“Golden Minerals,” “Golden” or the “Company”) (NYSE-A: AUMN and TSX: AUMN) today announced that it has received notification from the NYSE American LLC (the “NYSE American” or the “Exchange”) that the Exchange determined to commence proceedings to suspend and delist the Company’s common stock as a result of its determination that the Company is no longer suitable for listing due to its non-compliance with Sections 1003(a)(i), 1003(a)(ii) and 1003(a)(iii) of the NYSE American Company Guide, which require the Company to report stockholders’ equity of $6.0 million or more if the Company has reported losses from continuing operations and/or net losses in its five most recent fiscal years, as previously reported.

The Company anticipates that the Common Stock will begin trading on the OTC Pink Market under the symbol “AUMN” at the open of business on December 16, 2024. Shareholders do not need to take any action in connection with this transition. The Company’s stock will continue to be traded first on the NYSE American and immediately thereafter on the OTC Pink Market, and investors should be able to trade shares through their existing brokerage accounts.

The Company is in the process of applying for quotation of its common stock on the OTCQB® Venture Market. The transition of the Company’s common stock to the OTC Markets will have no effect on the Company’s business or operations or its listing on the Toronto Stock Exchange, where it trades under ticker symbol “AUMN.” The Company expects to continue to maintain compliance with the reporting requirements of the Securities Act of 1934, as Amended, including the filing of periodic reports with the SEC under applicable federal securities laws that are available on the SEC’s website at www.SEC.gov.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and applicable Canadian securities legislation, such as statements regarding (i) timing of the NYSE American’s delisting and appeal procedures; (ii) the timing of the Company’s transition to the OTC Pink Markets; (iii) results of the Company’s application for quotation on the OTCQB; and (iv) the Company’s continual compliance with applicable SEC reporting requirements. These statements are subject to risks and uncertainties, including whether the Company will meet the eligibility requirements for quotation on the OTCQB; the inability of the Company to obtain sufficient capital to meet its obligations; increases in costs and declines in general economic conditions; changes in political conditions, in tax, royalty, environmental and other laws in the United States, Mexico or Argentina and other market conditions; and fluctuations in silver and gold prices. Golden Minerals assumes no obligation to update this information. Additional risks relating to Golden Minerals may be found in the periodic and current reports filed with the Securities & Exchange Commission by Golden Minerals, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

For additional information, please visit http://www.goldenminerals.com/.