A proposed sale of two million shares to a single buyer remains pending as the company works to gather enough proxies to reconvene.

July 27, 2026

New Concept Energy, Inc., a Dallas-based company trading on the New York Stock Exchange under the ticker GBR, was unable to hold its annual stockholder meeting as planned on July 24, 2026, after too few shareholders returned their proxies to establish a quorum.

The company, incorporated in Nevada, had called the meeting through a notice and proxy statement dated June 22, 2026. As of the June 19, 2026 record date, the company had 5,131,934 shares of common stock and 559 shares of Series B Preferred Stock outstanding, with each share carrying one vote.

The agenda for the meeting covered three items: electing directors, ratifying the company’s independent accounting firm, and approving a proposed sale of 2,000,000 shares of common stock to a single buyer. When the meeting was called to order, officials determined that not enough valid proxies had been submitted to meet the quorum requirement.

Rather than cancel the meeting outright, the presiding chair recessed it until August 21, 2026, at 10:30 a.m., giving the company additional time to gather proxies. To reach a quorum, stockholders representing at least 2,566,247 votes will need to participate. Company management and board members plan to use the recess period to seek out the additional support needed.

The disclosure was signed by Gene S. Bertcher, who serves as the company’s president, chief executive officer and chief financial officer.

The delay leaves several matters unresolved for now, including the makeup of the board and whether the proposed sale of two million shares to one investor will move forward. Shareholders will get another chance to weigh in when the reconvened meeting takes place next month.