Delaware
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1-5103
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72-0496921
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(State or other jurisdiction of Incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Common Stock, $0.50 Par Value
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BRN
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NYSE American
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Item 1.01 |
Entry into a Material Definitive Agreement.
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cash, except for (x) cash deposits made under utility contracts, lease agreements and similar agreements and (y) cash advances made by customers of WRI and held by WRI under contracts with such
customers;
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accounts receivable, refunds, notes receivable, income earned but not billed, and retentions for work completed prior to the closing of the Transaction;
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claims WRI has against third parties (including insurance claims) relating to the operation of the business prior to the closing;
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tax refunds related to the operation of the business prior to the closing; and
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all of the share of capital stock of Barnwell Hawaiian Properties, Inc., which is currently a wholly-owned subsidiary of WRI.
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certain trade payables, notes payable and similar obligations;
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all prior, current, and future liabilities and obligations arising out of or related to the WRI’s work performed prior to the closing on any project;
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all taxes owed by WRI as of the closing date;
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all payment obligations owed by WRI to its employees, or to be paid on behalf of its employees, as of the closing date, including all salary, all obligations owed with respect to accrued but unused
vacation, sick leave and paid time-off;
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all obligations of WRI related to any litigation arise out of actions or events that occurred prior to the closing date;
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all obligations and liabilities owed by WRI under or with respect to any contract to which WRI party, accrued for all periods prior to the closing date;
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all liabilities and obligations resulting from any failure by WRI to comply with any applicable law, judgment, order, guidelines, regulations, and rules for any period prior to the closing date;
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all liabilities and obligations of WRI to any current or former shareholder, director, or officer of WRI or to any of its affiliates; and
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all attorneys', brokers', consultants' or other advisors' fees and expenses, and other out-of-pocket costs incurred by BII and Barnwell Canada in connection with the Transaction.
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Item 7.01 |
Regulation FD Disclosure.
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Item 9.01 |
Financial Statements and Exhibits.
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Exhibit No.
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Description
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99.1
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Press release dated December 14, 2023
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104
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Cover Page Interactive Data File (embedded within the Inline XBRL document)
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BARNWELL INDUSTRIES, INC.
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By:
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/s/ Alexander C. Kinzler
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Name:
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Alexander C. Kinzler
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Title:
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President, Chief Executive Officer, Chief Operating Officer and General Counsel
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Exhibit No.
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Description
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Press release dated December 14, 2023
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104
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Cover Page Interactive Data File (embedded within the Inline XBRL document)
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BARNWELL INDUSTRIES, INC. |
P R E S S
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R E L E A S E
1100 Alakea Street, Suite 500
Honolulu, Hawaii 96813
Telephone (808) 531-8400
Fax (808) 531-7181
Website: www.brninc.com
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CONTACT:
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Alexander C. Kinzler
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Chief Executive Officer and President
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Russell M. Gifford
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Executive Vice President and Chief Financial Officer
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The transaction supports Barnwell’s focus on simplifying its holding company operations and corporate structure.
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The sale of Water Resources streamlines Barnwell as investors will be able to focus on the significant opportunities the Company has identified in its profitable domestic and
Canadian oil and natural gas business.
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The combination of the proceeds from the sale of Water Resources and anticipated holding company general and administrative expense savings further strengthens Barnwell’s
debt-free balance sheet.
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