US Global Investors Announces Non-Cash Results


San Antonio, Texas, November 17, 2021 (GLOBE NEWSWIRE) – US Global Investors, Inc. (NASDAQ: GROW) (the “Company”), a registered investment advisory firm focused on specialty markets around the world, announces today that it is filing its restated consolidated financial statements which include non-cash adjustments for the three and nine month periods ended March 31, 2021. The Company has also initiated the process of finalizing its 10-K and expects to file within a few weeks.

As discussed in a previous press release, adjustments based on a binomial option pricing model, which had no impact on the Company’s cash balances for the period, were made to reflect changes in ‘evaluation of the company’s investments. The adjusted corporate investments were purchased in January 2021 and consist of unsecured convertible debentures and public company share purchase warrants. The restatement also included insignificant revisions to the classification of forgiveness of government sponsored short-term loans and the presentation of changes in unrealized gains and losses on securities and proceeds from the sale of current investments. Again, no adjustment had an impact on cash balances.

The main impact of these adjustments on the previously published financial statements is an increase in the Company’s assets of approximately $ 5.8 million and a decrease in its net income of approximately $ 5.6 million. The change in valuation method increased the unrealized capital gain on the balance sheet for debentures and decreased the unrealized capital gain on the income statement for warrants.

Receipt of the Nasdaq default letter

The Company has received a Standard Notification Letter dated November 17, 2021 (the “Nasdaq Notification”) from the Nasdaq List Qualifications Department advising the Company that it is not in compliance with Listing Rule 5250. (c) (1) from the Nasdaq because the company is overdue in filing its Form 10-K for the fiscal year ended June 30, 2021 and has not filed its Form 10-Q as of September 30, 2021.

The Nasdaq notice has no immediate impact on the listing or trading of the Company’s common shares on the Nasdaq Capital Market. The notice reminds the Company that it has until December 17, 2021 (i.e. 60 calendar days from the date of the Nasdaq notice of October 18, 2021) to submit a plan to Nasdaq. (the “Compliance Plan”) to restore compliance. with the Nasdaq listing rules. If the Nasdaq accepts the compliance plan, the Nasdaq may grant the Company an exception to extend an additional 180 calendar days from the extended due date of the Form 10-K filing date, or April 11, 2022. , to restore compliance. The Company is working diligently to file its Form 10-K.

This announcement is made in accordance with Nasdaq Listing Rule 5810 (b), which requires prompt disclosure of receipt of a notice of deficiency.

Here is the selected financial data (unaudited):

Three months ended March 31
2021 2020
(in thousands of dollars, expect per share data) As rephrased
Operating income $ 6,355 $ 914
Operating Expenses 3,063 1,893
Operating profit (loss) 3 292 (979)
Total other income (losses) 8,393 (503)
Income (loss) from continuing operations before income taxes 11 685 (1,482)
Tax expenditures 3,078 75
Net profit (loss) from continuing operations 8,607 (1,557)
Loss of discontinued operations (85)
Net income (loss) 8,607 (1642)
Less: Net loss attributable to non-controlling interest (30)
Net income (loss) attributable to US Global Investors, Inc. 8,607 (1,612)
Net earnings (loss) per share (basic and diluted) $ 0.57 $ (0.11)
Avg. Common shares outstanding (basic) 15 061 818 15 121 950
Avg. Common shares outstanding (diluted) 15 062 988 15 121 950


About US Global Investors, Inc.

The history of US Global Investors dates back over 50 years, to its beginnings as an investment club. Today, US Global Investors, Inc. ( is a registered investment advisor focusing on niche markets around the world. Based in San Antonio, Texas, the company provides fund management and other services to US global investor funds and US global ETFs.

Forward-looking statements and disclosure

This press release and other statements by global US investors may include certain “forward-looking statements” including statements relating to income, expenses and expectations regarding market conditions. You can identify such forward-looking statements by using words such as “prospect”, “believes”, “expects”, “”, “Such statements involve certain risks and uncertainties and should be read in conjunction with documents filed by company and other important information on the company’s website,, or on the Securities and Exchange Commission website at

These documents, such as the Company’s Annual Report and Form 10-Q, should be read in conjunction with the other caveats included in this release. Future events could differ materially from those anticipated in such statements and there can be no assurance that such statements will prove to be accurate and actual results may vary. The Company assumes no obligation to update or publicly review forward-looking statements, whether as a result of new information, future developments or otherwise.

All opinions expressed and data provided are subject to change without notice. Some of these opinions may not be suitable for all investors.


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