Barnwell reduces quorum to 33 1/3% for 2025 annual meeting amid proxy contest with Sherwood

BARNWELL INDUSTRIES INC

Board amended bylaws to reduce quorum from majority to 33 1/3% on a one-time basis for the 2025 meeting.
Annual meeting adjourned to Sept 19, 2025; previously submitted proxies will be voted unless revoked.
Company says Sherwood Group defeated quorum, causing multiple adjournments and additional costs.
Board recommends voting FOR its four nominees; urges stockholders to discard green proxy cards from Sherwood.
Company remains open to settlement discussions but says Sherwood rejected offers seeking board control.

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