Barnwell Announces Delaware Court of Chancery Rules in Favor of Barnwell and its Board of Directors

Core Points - The Delaware Court of Chancery ruled in favor of Barnwell Industries, confirming that the Sherwood Group's director nomination notice was deficient and did not comply with the company's bylaws, leading to the disqualification of their nominees for the 2025 Annual Meeting [1] - The 2025 Annual Meeting is scheduled to be held as an uncontested election on May 29, 2025 [1] - Alexander C. Kinzler, a 9.8% stockholder, has decided not to stand for election at the 2025 Annual Meeting following the Sherwood Group's recent consent solicitation [2] Company Statements - Joshua Horowitz, an independent director and Chairman of the Nomination and Executive Committees, expressed satisfaction with the court's ruling and urged the Sherwood Group to cease its disruptive campaigns, emphasizing a focus on value creation for the company [2] - The company acknowledged Kinzler's contributions to the Board and welcomed Heather Isidoro, highlighting her industry expertise and relevant experience [3] - Barnwell plans to file supplemental materials with the Securities and Exchange Commission regarding the uncontested 2025 Annual Meeting and the court ruling [3]